Petrobras are saying they estimate it'll cost them $35-40US per barrel to produce the product from a HUGE field. If the field were smaller, it would be borderline as to whether it would be even commercial of not. A few years back NWS oil producers were getting the product out for $2US per barrel. Karoon would need a huge find at least to stimulate interest from a farmin partner, there are no guarantees they'll find anything at all let alone anything commercial. AND even if they do it'll be 6 or 8 years before first oil/gas. I think it's great they've got this for future prosperity, but it aint worth much today on the SP, a few cents at best.
good news on drilling and brazil, page-8
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