not being sceptical, page-18

Here's the graph on their project economics.

As the IRR indicates, the returns for Brazil look quite good (29%), as its more of a pure Oil play.

This also shows us the NPV & the total capex reqd.

Capex goes up from 2015 onwards as they get to the bizness end of getting the FLNG side finalised.

So, what that means for Poseidon is that once the Browse drilling program ends in say 18 months or so (late 2013), they can then work on the FID decision or bring in a partner to reduce their side of Capex (cash upfront for say 10-15% equity, which is what Woodside r also looking at Torosa).

Note, the figures below r for KAR's 'net 40% in Browse & 100% for SA'.

For now, its abt proving the Contingent Resource & farmout for Brazil.

Cheers