Karoon Gas (KAR)

[WASL]

Is anyone else following Karoon Gas (KAR)? I have been building KAR for 18 months based on the prospects in the Browse Basin in NW WA. 2 permits with quite good prospects for gas and condensate (and I suspect a good bit of old fashioned crude). Have been over $2 but recently been hovering around the $1.55 mark. Up 11.7% today in a surprise move (moderate volume and no ASX announcements). Someone knows something I do not know. Can anyone shed any light on this move?
Good luck as always
WASL

[WASL]

58 reads and no replies on my KAR post. Surely someone else must have this on their radar?

Robbo; you cover a lot of ground - what about you? If this comes good you can get your Crownies by the pallet load!!

Cheers to all and Good Luck as Always

WASL

[WASL]

I am very surprised that this thread is being ignored. No replys and some 85 reads. Wake up!!

Recent price history is: 21/9 $1.57; 25/9 (date of my thread creation) $1.72; 2/10 $2.01 (intra day high = $2.08).

My sources say that there is a very strong rumour in broking circles (a leak so 100% accurate) that KAR expect to announce an arrangement with a farm-out partner on Wednesday.

For the details check the KAR website and the ASX reports.

Market reaction expected to be different depending on the quality of the partner (an unknown foreign company = +$0.60; a big player (Shell, Woodside, etc) = much more ( to $4??)).

Good luck as always


WASL

[Bobbyvee]

Thanks for the heads-up on this one WASL. Now $2.40 and the farm-in announcement still to be released, maybe today.

Cheers
Bobbyvee

[Yossarian]

up 10% today... any gossip about?

[Yossarian]

anyone else enjoying this glorious rise?? just cracked $4 from $2.25 at the beginning of the week.

[Yossarian]

talking to myself again on this one... up 60% or so in the last few weeks... what's going on peeps? Got to say it's good to see some green in the portfolio with this one!

[Bobbyvee]

Don't feel lonely there are other happy holders of KAR, all anxiously awaiting the drilling program at Browse Basin. I think this rise is just part of the present general excitement in the market about gas.

[Yossarian]

Another all time high yesterday... when will this run out of puff??

Bobbyvee, do you know when the driling results are due? Hope they're not a disappointment relative to the SP these days!

PS the latest capital raising should put another wedge under the SP too. Good to see they can still get decent dosh in this market.

[Bobbyvee]

Well this is what Karoon said about the Browse Basin activities in March:

"A 3D seismic program was contracted with Fugro-Geoteam AS using the vessel the Geo Atlantic. The 3D seismic survey started on January 10 and will cover 1400 sq kms within WA-398-P with a further 500 sq kms approximately outside the permit boundaries.
The survey is now 60% complete and is expected to be completed by the end of the first quarter 2008.

This seismic data will be utilized for the further definition of prospects in WA-398-P and to aid in defining well sites for the drilling program later in 2008/2009

Karoon is a 40% interest holder of WA-398-P, directly south of Karoon’s adjacent permits WA-314-P and WA-315-P. ConocoPhillips is Karoon’s joint venture partner and operator of the permit."

Some suggest the drilling could commence as early as November 2008 but I am not too sure.