Maybe our outstanding board could have a little work and request...

Maybe our outstanding board could have a little work and request commsec to update the files..

This is one simple example of poor management

Company Strategy

The Karoon Board and management are committed to securing high quality hydrocarbon exploration areas with the right partner. KAR is currently in a JV with ConocoPhillips in regards to the WA-389-P permit, with Karoon contributing 40% equity. The Board believes that the Browse Basin permits are ideally located and will continue to take advantage of continuingly favourable hydrocarbon prices. The company strategy will focus around capitalizing on oil prices and accelerating exploration programs. KAR has completed processing seismic surveys of WA-314P and WA-316-P and is now interpreting the data set in preparation for the selection of drilling targets. The Poseidon Prospect remains a high grade source of production, with other areas in that region, anticipated to result in important additions to the potential resource base Karoon Gas Australia reported positive cash flow of $27.63m for the quarter ended 31 December 2012. Operating cash flow for the period was $(53.17m). Payments for exploration and evaluation were $(51.98m). Investing cash flow was $80.8m. Financing cash flow was nil. Cash in hand at the end of the quarter was $228.25m. Key activities during the quarter included the successful testing of the first well in the phase two Browse Basin drilling campaign, with the Boreas-1 exploration well achieving an equipment constrained stabilised gas flow rate of 30.2 million standard cubic feet per day through a 40/64" choke at a well head pressure of 3,300 psia and an associated condensate rate of 18 barrels per million standard cubic feet. In addition, drilling in Brazil commenced with the Kangaroo-1 exploration well, which spudded during December 2012.