In the current environment i would be incredibly surprised if...

In the current environment i would be incredibly surprised if anyone took KAR out. The majors aren't interested in what potentially is there. They would rather KAR spend money on the formation testing of discovered wells with O&G present in SA and Browse, proving up commerciality and size of resources to certainty, and then pay overs. It's just the way it is at the moment.

As for talk of $11-12 dollars, different market conditions back then. It was post QE1 and 2 floating all resource boats iniitally. Browse wasn't a discovery in the back drop of rising costs and falling IRR's for NW gas, contract renegotiations downwards as a result of shale gas boom in NA like it is today.

The KAR thread is hyperactive for a company that won't be in production for some time, if it ever is. It's fun to talk about how big Browse could be and speculate about Peru, but the reality is that there is alot of work to be done. I for one think the managers and directors are doing a great job. They are slowly and surely ticking off each milestone. Farm in partners, exploratory wells, formation testing etc etc.

Patience is the key. We need to prove up the size of Browse, the commerciality of getting the gas, and then the best way to bring it to market. Same goes for Brazil. As for Peru, we need another partner their to fund exploratory wells.