Thanks for replies Planner.
Unsure what you mean by "type of royalty on production". As there is no production and will not be for some years. Perhaps you mean the increase payment up to US$50mill for additional hydrocarbons over and above Independently Certified 2P reserves 3.25 Tcf at FID. If so, then I would suggest most would agree that is a lay down misere and theoretically should have already been factored into Sp.( not that sp reflects true value anyway.)
You state: "for Karoon can still make money out of Pharos". but how? reimbursement of costs is not making money. If there is still risk with the testing of Pharos, then any expenditure related to that would be borne by Origin, as per their agreement: "In addition, Origin will be responsible for ALL costs associated with the current Pharos-1 exploration well, located in permit WA-398-P." Kar, IMO, can not make money out of Pharos., but also and more importantly, cannot lose any money.
Therefore I do not see Pharos announcements or finalization of liability improving Sp, however, I do agree that there should be general improvement in sp with improving market sentiment for Kar and leading up to drilling K2 appraisal well. Man, I am going to be on the edge of my seat in the lead up to drilling results announcement for that one. Its a quick drill too.!!
Throw in possible Santos farmin, possible share buyback, 90% free carry for Carnarvon drill, 1st half 2015 and the first drill there, apparently, is really important to Kar, as its a big field and black gold, if it comes in. No one thinking about that one ATM, but it will sneak up on us, whilst we all focus on Brazil program short term.
A lot to look forward to and hard to see the SP retreating from here on in.
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