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Just my 5 cents worth....(IMO)

Whereas i can sympathize with the frustration over a delay of the Browse drill campaign i cannot understand the current shortsightness of the market.
Browse is a company making strong pillar for KAR but it is not the only one.I reckon short to medium term Brasil will be more exiting and potentially deliver better SP results.

Upside over the next 6 months:

-Finalizing the 20% farm in with Petrobras (Maruja 1)
(giving KAR their 1st cashflow way before we would see a cent for any gas)
-Farm in announcement for KAR SA blocks or
-Redirecting some cash to start Brazil Drill campaign or
-Partial sale of KAR SA to a strong partner


The 5 blocks are strategically important to Petrobras as they will enable them to form a larger and more efficient petro hub and therefore reduce capex per Barrel.

Source: Karoon website
"The five Karoon blocks 1037, 1101, 1102, 1165 and 1166 are located 220 kilometers off the coast of Santa Catarina state, just south of Rio de Janeiro. They lie in relatively shallow water (300-400m) on trend with the Piracuc (oil), Caravela (oil) and Merluza (gas) fields. In April 2009 Petrobras/Respol declared the BM-S-7 Piracuc light oil field a commercial discovery. The field is only 5 kilometers to the northeast of Karoon acreage and is reported to contain 550 Mmboe in place (Repsol, 2009). The Late Santonian reservoirs produced 3476 bopd with 126,800 m3/d of gas in preliminary tests (Repsol, November 2009). Petrobras is currently considering a FPSO development that could be tied to a number of the discoveries in the designated Plo Sul shallow water area (Petrobras, 2009)."


So that leaves KAR with lots of options.

Whether it would be wise to spend some or all of the cash in Brazil and, in case of less exiting results, have to go back cap in hand (CR) is an entirely different discussion.

Either way, exiting times ahead.