the kar shareholder present audio - finally. !, page-2

thanks Stevo... I was at the meeting, but it is good to listen to your recording and recheck my notes.

I had to laugh listening again to the question from the elderly lady at about 45 minutes 20 seconds on your recording - what a classic!

It was good to hear at the 31 minute 30 second Lino state that the Kangaroo mid case of 70mm/bbls "based on the work we've done to date, would be economic".

In answer to a question (around the 40 minute mark) about the Macquarie nonsense statement from weeks ago that Kangaroo may not be economic, Lino stated; "I don't think you can make a statement that it's not economic" - I would suggest that you especially can't make that statement when you haven't seen the work! Whoever wrote that Macquarie research note should hand in their resignation tomorrow as it showed a complete lack of knowledge!

Sadly KAR couldn't shed any light on the recent Conoco/PetroChina deal on the Poseidon lease - Bob said it was a confidential deal and involved asset swaps etc.

However Bob did say at the 4 minute mark that the recent WPL & BHP deals were sold for an equivalent price of about $900 million per tcf in the ground!!! My simple takeaway on that is that if KAR is selling 10% of Poseidon, which probably has 10tcf, then it should be worth about $900m to KAR - not bad for a company with a $1.3 billion mkt cap!!

However, my favourite comment of the day was at the 1 hour 24 minute 10 second mark when Mark Smith described the offshore Peru basin as "the Cinderella Basin - at the moment she's scrubbing the floor in the kitchen, but next year she'll come out and kiss the prince" - hahaha brilliant!!

there really was a truckload of information and I recommend you all listen to this recording that Stevo has so kindly provided.