Ann: TY23 ASX Release & Investor Presentation, page-16

@casajack

"I think the issue holding the share price back (& why further M&A is likely on the horizon & maybe before dividends) is the 8.5yr 2P reserves life"

Scotty said during Q&A that he expected Who Dat to keep producing long into the 2030s and hopefully longer than that. There are prospective resources in Who Dat East, West and South. They need to be proved up AND as economically viable resources.

KAR's Who Dat purchase included an interest in the FPSO and all blocks are within tie up distance of it.


He also said Bauna can produce to 2032/33 if FPSO lease can be renewed. Further extended to 2038 if Neon FPSO issue is resolved in the coming Concept Select.


Before Who Dat and Neon, KAR was just a Bauna asset with an FPSO lease until 2028.

Times have changed, any valuation P/E multiple needs to be updated now by the market, I reckon.


Scotty said the 50kbpd is still their ambition and they are not far off. He was very encouraged at the coming Who Dat East drilling in Apr24.