ele, we are only talking about WA-314-P that KAR will be increasing it's equity to 90% and no cash outlay involved. I have not previously seen the map attached to the new ann. which indicates that the targets are somewhat fragmented in this permit. This may be the reason that COP is happy to water down it's interest and concentrate on the larger Poseidon structure. As a result of this agreement KAR will have to stump up 90% of the cost of the one well planned in the next drilling round.
On balance I'm not unhappy about the agreement bcos whilst it increases our share of the risks on this one permit all our other exploration drilling is or will be largely shared with farminees.
ANZ
KAR Price at posting:
$7.51 Sentiment: Hold Disclosure: Held
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