i'm in, page-11

You may have a point Spyda but you really go over the top...Conoco will sell other assets before they even consider selling their Browse assets...they are sick and tired of the sovereign risks attaching to some of their other interests and it's obvious to Blind Freddie that they are focussing more of their long-term efforts on Australia. As regards Poseidon, like it or lump it, but, all indications are that this is a monster. KAR/Conoco estimate Poseidon as a contingent resource (P50) of 7tcf. Patently, the current appraisal well is important but longer term, the future is Brazil. Petrobras are drilling a well just 5kms away from one of KAR's tenements in the next week or so, and, given their recent successes in the Santos Basin, I am optimistic that a successful well will help define further, the value of their tenements. Remember, KAR paid a fraction of the $US900m OGX paid for their 5 tenements in the Santos, and on that basis alone, OGX's market cap of $US25bill makes KAR look rather strangely valued!