Slide 16 will show where the recent discovery was made.
This is of major importance for KAR, as it proves the major oil fairway extends as far SW as it does in the Santos Basin. To put the scale of investment in E&P into context, check out slide 5. Petrobras are investing ~$20b into pre-salt plays in this particular basin in the next 3years!
So, elephant hunting is becoming a habit of old Bob's!
Oh, and the 5 blocks we hold in the Santos basin are 100% held by KAR. I dare say we could give say a 51% interest to COP for what $600m?
KAR Price at posting:
$8.47 Sentiment: LT Buy Disclosure: Held
