so here’s the thing, we have a massive amount of stock to get thru that is priced at 2.05 - which is why we aren’t at 2:40-50.
There’s the balance of the retail offering also to come to market - but that will be priced higher than 2.05 if we are trading higher…
i find it so annoying that we aren’t higher in light of a derisking event that actually makes karoon safer to purchase.
all these broker notes are based off oil assumptions of $60-70…. Next year we are producing 45-50k barrels a day. It’s substantial. It’s highly leveraged to oil price.
I personally have been waiting all year for this deal or a deal like it… and thought it would be >$3 once it was clean… we aren’t clean yet (still some stock to chew thru) but I am still wondering why this isn’t much much higher. I really think market has mispriced this and undeservedly so.. the management at karoon should be praised.
i guess bottom line, as a long term holder, I feel we are closer to the rerating that karoon deserves. Brokers are finally agreeing. We do need some luck on the macro front… so fingers crossed for opec this weekend.
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