Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 July 2017other▲ GoodMajor
Board approved the Echidna development concept to move into FEED: a leased floating production vessel, 2 horizontal production wells and 1 gas injection well, peak about 28,000 bbl/day. FEED costs under A$10m and finishes March 2018 quarter; FID is targeted for June 2018 quarter, with a farm-down sought before FID.
28 Apr 2017quarterly activities report▼ BadMajor
March quarter: cash A$390m, down from A$450m, including A$20m paid to Pacific for its 35% Santos Basin interest (now settled, Karoon 100%) and a A$23m currency effect. Echidna appraisal drilling is postponed and the Olinda Star rig released, with pre-FEED work to continue first.
30 Mar 2017material agreement termination▼ BadMajor
Petrobras told Karoon on 30 March that the Baúna and Tartaruga Verde sales process is withdrawn, ending Karoon's exclusive negotiations. Petrobras intends to relaunch under a revised process, and Karoon says it remains committed and a relaunch could be imminent.
17 Mar 2017regulatory community update● Neutral
Karoon says the Brazilian federal accounting court (TCU) on 15 March let Petrobras' divestment program continue, but this is separate from the Sergipe lawsuit. The injunction on the Baúna and Tartaruga Verde sale remains in force; Karoon filed its defence in February.
14 Mar 2017half year report● Neutral
Half-year to 31 December 2016: loss after tax of A$8.3m (versus A$84.0m a year earlier), including a A$6.8m Block 144 write-off. Cash was A$450m with no debt. Notes the Petrobras negotiation was suspended by injunction and the Pacific 35% Santos Basin interest was acquired.
14 Feb 2017admin correction● Neutral
ASIC Form 484 dated December 2015 recording cancellation of 871,130 shares in a buyback (A$1.37m paid), leaving 245,653,815 shares. It is an old filing re-lodged on the ASX, with no new development.
13 Feb 2017investor presentation● Neutral
February 2017 investor presentation. The visible section repeats the known resource figures: Santos Basin net 2C of 129 mmbbl (Kangaroo 54, Echidna 75) and Peru Z-38 best-case prospective resource of 1,686 mmbbl. No new information in the text provided.
20 Dec 2016regulatory community update▼ Bad
The Sergipe court rejected Petrobras' appeal against the injunction, so the Baúna and Tartaruga Verde sale stays suspended. The court is in recess until 20 January 2017, and Karoon must file its defence in February.
16 Dec 2016regulatory community update▼ Bad
Karoon says the lawsuit against Petrobras, the ANP and Karoon alleges the sale procedure was wrong. A federal audit court suspended Petrobras' divestments but, per Petrobras, exempted these assets. No resolution is expected before the court recess ends 20 January; outcome and timing remain uncertain.
8 Dec 2016regulatory community update▼ Bad
Karoon has been joined as a party to the Brazilian court proceedings challenging the Petrobras sale of Baúna and Tartaruga Verde, as preferred bidder. The injunction stopping the sale remains in place.
30 Nov 2016investor presentation● Neutral
AGM presentation with a resource summary: Santos Basin net 2C contingent resource of 129 mmbbl (Kangaroo 54, Echidna 75), and Peru Z-38 best-case unrisked prospective resource of 1,686 mmbbl. These are the previously disclosed figures.
21 Nov 2016regulatory community update▼ BadMajor
A Brazilian court granted an interim injunction ordering Petrobras and the ANP to halt the Baúna and Tartaruga Verde sale after a challenge to the sale process. Petrobras is appealing. Karoon is assessing the effect on timing of its planned acquisition.
18 Oct 2016investor presentation● Neutral
Updated version of the October presentation. Changes include market cap of A$475m, discovery record of 13 from 17 wells, and potential production now from 2019 instead of 2020. Otherwise repeats known facts.
11 Oct 2016investor presentation● Neutral
October corporate presentation repeating known points: A$479m cash, no debt, 2017 Echidna appraisal drilling, the Petrobras right to negotiate and the new Ceduna permit. Cites 129 mmbbl discovered Santos Basin resource and potential oil production from 2020. No new information.
7 Oct 2016material agreement▲ GoodMajor
Karoon confirmed it won the right to negotiate with Petrobras to buy 100% of the Baúna project (about 45 kbpd, producing) and 50% of Tartaruga Verde. This follows almost 12 months of bidding and continues its search for producing assets. Still subject to due diligence and approvals.
7 Oct 2016asset acquisition disposition▲ GoodMajor
Karoon won exploration permit EPP46, 17,793 sq km in the Ceduna Sub-Basin, Great Australian Bight. The three-year firm commitment is seismic and studies, no well, indicatively valued at A$26m. Neighbouring permits have about 9 wells committed over 24 months, which could de-risk it.
29 Sept 2016annual report● Neutral
2016 Corporate Governance Statement, current at 28 September 2016, says the company believes it fully complies with ASX governance recommendations. Administrative disclosure with no new business information.
29 Sept 2016annual report● Neutral
Appendix 4G for the year to 30 June 2016, a checklist pointing to where governance disclosures are found. Administrative filing with no new information.
29 Sept 2016annual report● NeutralMajor
2016 Annual Report: Karoon expects to own 100% of Echidna and Kangaroo after buying Pacific's interest, and aims to start drilling in calendar 2017 with first oil by 2020. A partner will be sought for a minority stake. No suitable acquisition has yet been found at an acceptable price.
28 Sept 2016asset acquisition disposition▲ GoodMajor
Karoon agreed to buy insolvent partner Pacific's 35% Santos Basin interest for up to US$20.5m: US$15.5m on completion plus US$5m contingent on first production. Completion needs Brazilian regulator and Canadian court approval. It would give Karoon 100% of Echidna and Kangaroo.
2 Sept 2016other▼ Bad
S&P Dow Jones Indices' September rebalance removes Karoon from the S&P/ASX All Australian 200 index after the close on 16 September 2016. Karoon had already left the S&P/ASX 200 in March.
26 Aug 2016director officer appointment● NeutralMajor
Luciana Rachid, with over 35 years in oil and gas including 20 at Petrobras, joins as independent non-executive director and is Karoon's first female director. Bernard Wheelahan will not stand for re-election at the 2016 AGM.
29 July 2016debt default or forbearance▼ Bad
Karoon issued fresh default notices to Pacific for failing to make payments under the joint operating agreements. This repeats the June issue after that one was remedied. Both parties say they are working to resolve it.
27 July 2016admin correction● Neutral
ASIC Form 484 records cancellation of 514,945 shares bought back for about A$672k, taking issued shares to 244,692,833. Routine filing reflecting the ongoing buyback.
15 June 2016joint venture update▲ Good
Pacific made the overdue payment, so the default notice issued the previous day is resolved. The Echidna drilling review is not mentioned as resolved.
14 June 2016debt default or forbearance▼ BadMajor
Karoon issued a default notice to Pacific (35% Santos Basin partner) over an overdue payment under the joint operating agreement. The September-quarter Echidna appraisal drilling is now under review, putting the planned timetable in doubt.
29 Apr 2016admin correction● Neutral
ASIC Form 484 records cancellation of 446,037 shares bought back for about A$623k, taking issued shares to 245,207,778. Routine filing reflecting the ongoing buyback.
28 Apr 2016joint venture update▼ BadMajor
Santos Basin partner Pacific (35%) filed for creditor protection in Canada on 27 April 2016. Karoon says it has no reason to believe the Echidna work program will be affected. This puts a cloud over the partner funding the appraisal.
19 Apr 2016admin correction● Neutral
Karoon corrects a media headline claiming New Guinea Energy bought an 18% stake. The A$3.55m investment is about 1% of Karoon's shares and under 0.5% of its net assets at 31 December 2015.
18 Apr 2016other● Neutral
New Guinea Energy says it invested about A$3.55m in Karoon after the close on 15 April 2016, which it describes as about 18% of NGE's own net assets. This is a third-party disclosure, not a Karoon announcement.
