Issued yesterday.
May 17, 2010
Karoon Gas Australia (KAR.AX)
Research Tactical Idea
We believe the share price will rise relative to the country index over the next 30 days.
This is because the stock has traded off recently, making short term valuation much more compelling. The stock has fallen
c.8% from highs reached after the May 6 announcement in which the JV reported positive news from Kronos and the
decision to undertake a production test on the well. Prior to production testing, the presence of net pay gas sands with
good reservoir properties was interpreted. We expect flow results from Kronos production test shortly and if positive,
could support the P50 case for Posiedon at 7Tcf. This would be a game changer for Karoon, in our view.
We estimate that there is about a 60% to 70% or "likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Overweight
Industry View: Attractive
Morgan Stanley
morgan stanley research note
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Last
$1.92 |
Change
0.090(4.92%) |
Mkt cap ! $1.539B | |||
| Open | High | Low | Value | Volume |
| $1.86 | $1.92 | $1.85 | $18.66M | 9.832M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 11055 | $1.91 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.92 | 144289 | 16 |
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| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| KAR (ASX) Chart |