I agree Marwood. This forum has got almost hysterical over the...

I agree Marwood. This forum has got almost hysterical over the last ~12 months (coincidently since we picked up a brazilian) but I think we are getting towards the beginning of the end of the KAR rollercoaster one way or another. For those who've been in pre Poseidon I'd suggest holding on for the takeout/carve up. I think strategically KAR mistepped with the decision to drill Grace but ultimately they're going to be able to get an ok price for Browse.
My view is still that BHP would like KARs Santos assets so if Grace comes in and sweetens the appeal of Browse to them I could see them just taking the company out. Mackensie gets the industry and - reserves aside - it'd be a nice ROE spending opportunity for their O&G business. The big question is if they'll be able to silently wait 2 years for a reserve figure or if another player will decide its cheaper to strike sooner than build the SA exposure KAR already have.