KAR - Chart, page-215

The FID is not scheduled until late CY25.




A lot of commodity resources exist but are uneconomic due to cost of development. Neon looks a goer but the CE stage will provide further de-risking, in that regard. Perhaps resource upgrade as well.

In the FY23 results conference call, Dr J spoke of the BOD's interest in farming out Neon development, even if it meant holding a minority interest. I noticed he revisited this in the TY23 conference call.


I reckon the real value reveal for KAR will come when the Instos recognise a higher future Oil price than the $60 they currently factor in.

I notice even the US Dept of Energy are getting a dose of reality in their quest to refill the SPR. Where in '23 they said they would pay no more than $67WTI, they relented to $72 and then $79 and last week Jennifer Granholm spoke of purchasing at $82.

The Saudis said their ideal price is $95 for Brent.