We all have to sit back and wait at this point. I agree with...

We all have to sit back and wait at this point. I agree with your $200 mil but expect a higher percentage.

The Poseidon North-1 exploration is located 6.5 kilometers north-east of Poseidon-1 in permit WA-315-P, on the crest of a large, tilted fault block, targeted the Plover and Montara formations and they thoughtit would add significantly to the already discovered Greater Poseidon area resource.

I think they were expecting to find the 317m gross gas bearing Plover Formation over the interval 4795 to 5112 mRT with three gross gas bearing sands totaling 228m as with Poseidon-1 which was not found.

They did say they used wireline testing (did not say MDT) which would be the tool used for testing. Sounds like the sands found were not good enough for formal testing.

To me, this means that Poseidon-1 may be the upper limits of this formation. That is why this is an exploration well. Is this information worthy of the drill and the answer IMHO is yes.

We have one more hole to punch before starting the next phase of drilling which will determine good locations within the formation now defined to put production wells.

The feeling seems to be like every drill will be a production well. All wells in the exploration phase will be plugged and abandoned.

Basing stock value on each hole punched in this phase is a waste of time. Not the same story in the next phase however. I have driller friends in Saudi that remind me of what is the purpose of the well.

Will there be additional releases before trading starts and the answer is yes.

Both Karoon and COP are experienced in the drilling process. There is proven findings in the Browse Basin and we are on the field. Review the annual reports all the way back and you will see cash shortfalls. It takes lots of money to punch holes and pay people to assist in finding the logical drill sites.

Either raise cash by stocks and options, or, use available assets to raise funds. Karoon is using their assets to increase their cash position, reduce cost and add royalty options for the future.

The new partner will be announced Monday. The way I look at it is the pit is hot and the food is almost ready. Just open a brew and wait.

Bob