Very simple, if the POO doesn't improve to more than $55 and...

Very simple, if the POO doesn't improve to more than $55 and stay there, virtually KAR is on the drip, no other prospect except burning cash for the foreseeable future.
The board/management have no strategic plan or any plan to utilise the windfall from Browse to improve shareholders value, just happily enjoy the spoil themselves for many, many years to come.
Apparently they are still looking for opportunity.............nothing of substance after 3 years of looking, perhaps they are waiting for BHP to drop to $0.50 or fire sale before seeing any value.
The shares buy back scheme is a joke, decided not to proceed further as this will decrease their pension pot.
Unfortunately their only main game still to go ahead (full steam) with the Brazilian development, appraisal well at the end of this year just to prove there is plenty oil in there, no prospect of proceeding further as the extraction and production cost is well below the current foreseeable POO.
Ten years on, still haven't produce a drop of oil or a m3 of gas, meanwhile............. enjoy the spoil and stuff the shareholders.