I don't think the SP is being manipulated - short term investors...

I don't think the SP is being manipulated - short term investors are after momentum trends, etc. There is no way to predict where is the rock-bottom / ceiling of a SP. But based on a (very) rough fundamental valuation, you can see how the market is pricing it - At these levels, it is being priced at P/E ~4.

Yes, there are risks associated with inorganic growth, oil prices fluctuations, debt increase, CAPEX/Capital allocation going wrong (the "growth pain"). I believe Defensive investors and big money managers would probably look to something smoother with less agitated waters ahead to be safe on the performance bonus and less call from their clients worried that SP is going down, rather than taking risks in these mid-caps shares and having to deal with all the headaches of fluctuations.

I believe in medium/long term, there is an significant intrinsic value to be unleashed in Karoon, with a management that appears to solid and pragmatic so far. When it will be reflected in the SP? No idea - A couple of guesses: positive outlook in Brazilian expansion, favourable acquisitions, good performance on Who Dat (apart, obviously from Oil Prices). The good/bad thing about KAR is that they operate somehow hedged in collar positions as far as I am aware, given them protection to oil prices down turn, but also capping gains in upturns.

Time to wait, I reckon!