Thanks Emu. Not to mention that KAR has $240m in cold hard cash. Sure, much of these funds are going to go towards drilling, but given the quality of targets will also likely result in additional reserves.
Also Conoco have committed to spending hundreds of millions of dollars on the Browse acreage. Not a bad position to be in. Judgig by the speed of follow-up appraisal and 3D-seismic, not to mention the number of wells planned to be sunk into Poseidon, there is great reason for confidence.
KAR Price at posting:
$7.95 Sentiment: LT Buy Disclosure: Held
