Time to play.

Right here we go.

1. Oil closes thru 70 & technically looks like upside to 100. OPEC playing with the world / they can hardly say the world is fine let’s increase production. So they are doing what they do best and as mentioned before will make the west pay for going carbon zero. There is no way in hell that they are going to sell oil at 50 when in 10 years demand will be lower - my view is that they push this thru 100 and then blame the western world for under development in oil. Last week Exxon and Royal Dutch both got hit with court cases ultimately - forcing them to lower production and focus on renewables.

2. Today Equinor and Exxon announced $8b investment in the Santos region(where Bauna is located). This draws attention to our asset and potential farmout opportunities. Again, if the world is going down less production but quality - this shows Santos is first class.

3. Two hours ago Biden retracted Alaska oil drilling (that frump put in place)

4. Albacora still in play - notice Karoon mentions further divestments from Petrobras in the CLSA presentation. Given my view is that oil goes 100+ , then getting another oil field right now would be good timing.

5. Investors need to look at pure play oils - like Karoon. Large oil cos may underperform due to cost of moving to renewables.

Ultimately- what you have with karoon is the best leverage to oil price out there with surprise upside(new asset? Growth coming faster? Farm out?)

it’s exciting. Buckle up.

PB