"stock price of more like $18 a share"

This in The Australian:
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Karoon excitement

FIVE years ago Baillieu and Bell Potter raised $4 million to help Bob Hosking fund his gas exploration company called Karoon.

Yesterday the company was worth over $800million thanks to promising drilling at its appropriately named Poseidon exploration well.

Amid the financial gloom there is nothing like a big exploration find to excite the punters.

While there is still some way to go, the promoters say this one could be the biggest since the North West Shelf in the 1970s.

OK, that may be a stretch, but Karoon and 60 per cent-owners ConocoPhillips are buoyed by results so far that suggest, at the very least, a commercial stripping project, or at best a large-scale LNG project capable of delivering 8 million tonnes a year.

Instead of the 20c a share float price, the latter would suggest, after the necessary capital raisings, a stock price of more like $18 a share.

But even the bulls urge caution, saying this stock has done the rounds before, which means yesterday's news is not the first bit of excitement that has ended in disappointment.


http://www.theaustralian.news.com.au/story/0,25197,25395506-5013408,00.html