mac research update, page-2

Looobs,
That report pretty much sums things up. The CR later this year I just hope is after there's some 6+ volumetrics released on Poseidon, and drilling is underway in S.A or the 100 mil will be a dream. The following extract from the report I think reflects the basis for mood - "KAR has now appointed advisors to manage the farm-down of its 75% interest in
Block Z-38 in Peru (a process that we had previously thought was well progressed and approaching a conclusion)."

The same can be said for Brazil.
O&G exploration can be volatile enough without the company providing reasons for the market to feel misled.
The J/V process hasn't been handled well at all by management. Lets hope they learn from their mistakes.