Hi @volf, some good points raised here, thanks. FWIW as a...

Hi @volf, some good points raised here, thanks. FWIW as a neutral, my very rough thumb-suck (partly based on some work another HotCopper user had posted) suggested that when buying Who Dat, Karoon effectively paid just over double the multiple their own stock was trading on at the time:



When you look at it that way, they'd have been better off executing a buyback, even if it didn't give them the growth story. On that, I would agree with @Edson on this point: "The drilling campaign over the next 3 quarters at Who Dat East, West and South is therefore crucial as Karoon is participating in the funding and expects returns that will not only expand production but also extend the reserves". It's the only real justification for the price paid, but it's a risky play nonetheless.

I like KAR but am willing to be very patient to see how this turns out. I am generally cautious of when private assets get sold to public companies.