Good for you skater24. What you said is in line with other information out now so you are correct.
Scott is a good guy, so please let him do his work.
It is good for a person to call and post the results like skater24 did. Try not to have everyone tie up the company if possible.
Bob and Sandy
KAR MEO VIL
Previous postings - -
KAROON INFO - - - PERTH (Dow Jones)--Karoon Gas Australia Ltd. (KAR.AU) said Thursday that the inconclusive initial results from its Poseidon-2 natural gas well, offshore Western Australia, may have been caused by a technical glitch.
"Potentially, it's mechanical failure, but work is continuing to determine the cause of the problem," said Scott Hosking, Karoon's company secretary.
The partners hope to come up with a "more definitive result next week," once more tests are carried out on the well, Hosking told Dow Jones Newswires.
Earlier, shares in Karoon fell 24% to close at A$8.00 after the company stated some initial tests on Poseidon-2 were "inconclusive".
"Initial shut-in and build-up periods during the well testing phase have been inconclusive," it said.
Karoon owns 40% of the WA-398-P permit where the Poseidon-2 exploration well was drilled, with the remaining interest held by U.S. oil and gas producer ConocoPhillips (COP).
Poseidon-2 is the first of between four and six appraisal wells planned on the gas discovery, which lies close to Woodside Petroleum Ltd.'s (WPL.AU) offshore Browse field.
-By Stephen Bell, contributing to Dow Jones Newswires; 61-8-9244-4243; [email protected]
__________________________________________________________ Southern Cross Equities & they still have a short term $11.90 target & like many of us believe yesterday's announcement as misunderstood by the day trader public. Southern Cross Equities Ltd and its associates hold 833,000 shares in Karoon Gas Australia (KAR) as at the date of this report __________________________________________________________ I have just got off the phone to Scott. He has told me that he wanted to mention possibility of a technical glitch, but COP would not let him. KAR has to run their statements by COP. Atm they are running through the possibilities of techical problems one-by-one. No-one knows what is going on atm. Either technical problem or permeability problem. It is possible that they can't get a gas flow at P-2, but would elsewhere on Poseidon structure.P-2 is on the outer flank. He even mentioned the possibility of sand blocking tubing caused by the cyclone
KAR Price at posting:
$8.06 Sentiment: ST Buy Disclosure: Held
