And to throw a couple of broker upgrades into the mix\
Macquarie 02-Aug-13
Karoon has upgraded its Kangaroo resource by 85%. Risks still remain, the broker warns, with an appraisal drill the next step, but the upgrade means Kangaroo passes the threshold of commerciality.
Outperform and $9.00 target retained. - Outperform
UBS 02-Aug-13
Karoon has announced an increase in gross 2C contingent resources for Kangaroo of 85%, to 135mmbbl from 73mmbbl. The 3C resource has increased by 44.5%, to 487mmbbl.
UBS finds the upgrade pleasing but considers the range of estimates still very wide. Proteus is the key catalyst in the near term as a positive drilling result should lead to accretive farm-out deals which would mitigate concerns about the company's funding position.
The Buy rating and $8.00 price target are unchanged.- Buy
the roo just gets better...., page-20
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