Another article on Karoon, page-16

Jtaylor and Secondlevel,

I thought it was ridiculous, because for a start, Bob made the statement based on what was already in print for OSH. Using the same metrics, as used by others, he stated that Kar had done a lot better. Surely that is fair enough. I agree its a poor way to measure current success or otherwise as it is timeframe dependent. As for 1400% returns, well there will be some with those numbers ( perhaps the Swanster?) and there will be others that have been and gone and done very well. I know I have previously, but have some catching up to do this time around. Interestingly , I made my best money with KAR whilst the company was being run with a board apparently full of governance issues and overripe with nepotism. Who would have figured. !!!
Secondly, it was said they spent six hundred and received six hundred. Now I haven't added up the expenses on Poseidon alone and I am assuming no-one else has on here. Six hundred may have been spent, but was it all on Poseidon, or perhaps some on Grace, seismics on Carnarvon, Peru, drilling in Santos, etc.
Also, I believe the amount received for Poseidon was $655 mill plus US$200 mill to come which at todays rate equals $227mill. Total = $882 mill plus reimbursement of Pharos expenditure, lets say another $40mill. Total = $922 mill. To my way of thinking that is a hell of a lot bette number (by about 50% ) than the stated $600 mill received in payment and that is without determining whether all of the $600 mill ( perhaps it was more.?) was spent on Poseidon alone as claimed.

In regard to governance issues, Given that KAR have been addressing major S/H concerns over governance for twelve to eighteen months, can someone please tell me exactly what is still the problem?? and why did the board get voted back in by a landslide.? given that "everyone knows the instos don't support Kar, governance and decision making is an issue, and Bob's on limited time). Thanks for that insight Reddragon.

Also, I would suggest there is nothing to say that with new independent chair and current independent board that the future strategy and direction of Kar will even change.

"The hope is the Kangaroo is good enough to be the company’s “organic growth”, and underpin a huge gas exporting hub, catering to other undeveloped deposits in the vicinity held by some of the oil and gas majors." Now that would be interesting.!!