Well the KAR business model is now officially broken in my view.
A takeover by STO the best option. They can offload the SA assets, combine the browse, and have the financial muscle and international relationships to develop the assets it holds.
I don't think KAR can continue to raise capital at ever decreasing prices OR offload assets cheaply to fund more drilling, especially if you are of the view drilling success over the long-term is likely to revert to mean.
Lack of focus + some imprudent decisions + failure to deliver the farmouts and JVs to timelines they put to market = time for a change. Takeover the better option IMO.
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