almost there.., page-15

Good to have you on board Wintermute. KAR is an excellent LT investment (imho) - although if they ever had to actually 'dig up' the O&G I'd change my tune!

Re JORC: the key thing with KAR is that it does have a contingent resource so the wells its drilling are appraisal/production wells rather than the (I'm guessing here) usual small cap wildcat/exploration you've been burnt on before. Not risk free by any means, but we're looking at a contingent resource with a quoted 90% probability of being larger than 3tcf (plus liquids), a 50% chance of being equal or larger than 7tcf and a 10% chance of being 15tcf or more. These are likely to prove conservative and CoP and others seem to be shooting for a figure of closer to 10tcf (plus liquids). Oh and thats just the appetiser - there's also the small matter of South American acreage to be drilled starting perhaps as early as year end..