merrill lynch brazil, page-13

k111 I think you are talking 3p reserves which is proved, probable possible. While 2p is proven probable and the most important and which will move sp is 1p proven



1P 2P 3p
Total Net Carnarvon 2.6 mmbbls 11.4 mmbbls 45.7 mmbbls

Here is an an example of a cvn producing field of cvn's in Thailand and one can can see the difference of what proven possible and probable and these are done by an independant analysis. While its well and good to assume what there based on 3d siesmic survey, you have to live in the real world of 1P and 2P reserves. No one pays for what might be there you can see the difference in cvn's reserves and they are taking 1 mill a week profit fromm a 40% share. While K111 I wish your figures where right and I hate to be a wet blanket you have to be analitical and know your basic research to understand what levels and what price is possible for an SP. What you are talking about is 3p a far cry from what will make the sp move discovery 2p and 1p. Its all well and to hope but its probably a little better to
stick with a little bit of fact then when you understand that KAR thinks there is 40% chance of finding gas and brokers think 20+% you might not be disappointed if this well is a duster and be happy that this is well 1 of a 3 well program in a brown field and not an all in and those that follow oilers will understand and live on bated breath that this it a sure thing because if it was that easy to find a oil, gas and condensate( i love condensate) would be 2 bucks a barrel. don't take offense please as I have seen a lot wanting to know the technical side but not many wanting to talk about the real serious stuff analysis valuation and what to expect as even though I am very upbeat and positive and rate it as a buy it pays to remember the odds thats why the upside is so big for KAR and it has plenty to look forward to.