Ann: Karoon takes first step in listing South Ame, page-3

re: Ann: Karoon takes first step in listing S... Interesting number, A$650mil = Br$1033 mil

So the question is, how many shares r they floating?

Can't get hold of the prospectus from Bovespa's website, if anyone's heard a number, do yell out.

PBR: 5.073b common shares @ Br$31.69, Mkt cap: Br$161b

OGX: 3.23b @ Br$20.2, Mkt Cap: Br$65.3b

KAR: 103mil @ Br$10, Mkt Cap: Br$1.033B (??) (guestimate)

Link to Bovespa Energy sector listings

This listing should make them the 3rd largest pure energy explorer to list on the Bovespa, after the 2 heavy-weight PBR & OGX (& not including Vale's & Merck's certified oil Assets).

Here's an article frm the Australian below.

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Karoon Gas posts draft prospectus for Brazil float

Michael Bennet From: The Australian, Sept 09, 2010 1:00PM


KAROON Gas has moved ahead on a partial float of assets in Brazil, filing a draft prospectus with the Brazilian securities regulator.

Shares in Karoon rose more than 5 per cent to $7.03 by early afternoon on news Karoon Brazil has made the first step in the initial public offering of its Brazilian and Peruvian assets in Sao Paulo.

Karoon said the prospectus and reference form are subject to an initial one-month review, during which it will continue to assess the merits of a listing but is under no obligation to proceed to listing.

Karoon Gas Australia would retain an interest of between 70 per cent and 75 per cent in Karoon Brazil if the IPO proceeds in the last quarter of 2010, subject to market conditions.

Shares would be offered to retail shareholders in Brazil and to certain institutional and other investors elsewhere and the company has opted not to undertake a private seed capital raising prior to making the first filing.

An updated independent report from DeGolyer & MacNaughton, for release later today, states that Karoons Brazilian and Peruvian assets have geologic risk adjusted, mean, net prospective resources of 589 million bbl, Karoon said.

The unrisked mean estimate is 2,150 million bbl.

Karoon chief Bob Hosking in June engaged Morgan Stanley and Credit Suisse to look at the possibility of the float due to its not being ascribed proper value in the companys $1.25 billion market value.