while we wait, page-4

Commodore

IMO, farmout could happen in the July qtr. There's a timeline on the AGM slideshow (slide #18), that indicates this. Also, mid-year was mentioned in the EC Bailleau report frm last month.

So once KAR acquire's the latest seismic this month, together with the earlier 3D seismics they bought for US$7m, they can fine-tune their prospects with 30-45% CoS.

Note, in Brazil the CoS is 19-27% for 2D data & 30-44% with 3D. So once the data interpretation is out of the way, KAR will open their dataroom to potential partners, just like any other farmouts.

KAR hold 100% & its better to have a local player onboard & who else better then either PBR or OGX.

Note that Woodside are in bed with REPSOL, PBR & VALE, & I doubt if Bob would b keen to share his costs with too many players, as 1 bigger player will do.

Heads or tails, or should I say PBR or OGX, at the coin toss, since Conoco don't operate over there.

cheers

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Thirsty Dog,

I haven't seen the seismics for Piracuca on Petrobras's site or anywhere on the public domain, so am not sure abt the size of the saltdome & its extent into KAR's blocks 1037 or 1102 which abuts the Piracuca block.

If that was the case, then a likely farmout with PBR as a local partner will b the way to go to resolve this extension into KAR's block.

cheers