However you would have to admit that this hole is a hell of lot better COS than say Grace was in fractured volcanics with a failed hole not far away and no takers on a JV partner. Not sure I would call it (Pos nth-1) a spec play, especially when the other four holes have been big winners.
From Karoon:
"The campaign has been designed to more precisely define the size and quality of the contingent gas resource contained in the Greater Poseidon structure." Makes it better than a spec hole IMO.
In terms of upwards Sp movement, even Karoon have said it will take a JV announcement to see significant movement. Perhaps there is a JV contingent to the results of this hole.?? Who knows. ??
Cheers,
Stevo
KAR Price at posting:
$2.64 Sentiment: Buy Disclosure: Held
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