The management has proven themselves so far. They had Bauna up...

The management has proven themselves so far. They had Bauna up and running. And I suspect, they were trying to grow Karoon from being a one asset company. They were always going to grow Karoon to a multi asset company (reduce risk and higher valuations as a result). Bauna is only a 7-8 year oil field with probably decline to the end. They needed to do something now to ensure that it would be more than Bauna. The original plan was Neon after Bauna. However, when there were some doubt about Neon (more risky, less oil then accepted), they jumped into Who Dat. This will ensure that they have a production after Bauna. While it reduces early return (which most of us are looking for), it will ensure a long term survival of the company. I trust the management had done due diligence on Who Dat, I remember they were conservative and rejected another acquisition. They had a series of bad luck which is outside their control (reduced output from Who Dat, and oil well failed in Bauna). However when all those are rectified, prices should be back higher. I am a long term holder just before Poseidon was discovered when the share price went to $10.