eureka report

you shoul all subscribe to this

Poseidon is good for Woodside too

The Poseidon-1 field for ConocoPhillips and Karoon Gas Australia is an exciting new discovery for the Australian oil and gas sector, where large scale successes are rare indeed. We believe that this has positive implications for Woodside as a development decision on its Browse gas discoveries could be taken before June 30, yet little or no value for Browse is reflected in the current Woodside share price. Browse LNG will add between $3 and $10 per Woodside share in due course.

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While the Karoon success has been phenomenal, and it’s been nice to be on the right side of that call, that drilling success does reinforce the hidden value in Woodside’s existing reserves. While my $7 price target has been exceeded, I am not arguing that Karoon Gas is expensive. If anything, the $7 Karoon Gas price target has been exceeded because the drilling has been more successful than even I predicted. I will revisit our Karoon Gas valuation and share price target once I have more detail of the quality of the reservoir and the nature of the gas.


Charlie Aitken, head of institutional dealing with Southern Cross Equities, may have interests in any of the stocks mentioned.

This is not the whole report and eureka subscibers get more.

I have no beneficial interest in Eureka

But share these snippets to encourage you to look beyond

some of the comments on HC

and also to realise that the term DYOR extends to paying

money for good information

if you want to know what charlie aitken thinks either join

southern cross as a client or subscribe to EUREKA REPORT

hopefully he's right and the sell off is over done

I'm in at 35K @ 3.20 so happy to hold