Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2019quarterly activities report● Neutral
June quarter: cash A$326m. Baúna deal signed in July (US$665m headline, US$49.9m deposit, ING loan commitment up to US$250m). Tullow farm-out completed, Marina rig negotiations under way, and WA-482-P renewal approved with a studies-only work program.
26 July 2019investor presentation● Neutral
Call transcript where management repeats the Baúna terms: US$665m headline price, US$49m deposit, closing adjustments of about US$150-200m, and completion expected in the first half of 2020. Adds that regulatory approval is expected to take 6-12 months. No new transaction.
25 July 2019investor presentation● NeutralMajor
Presentation on Baúna: about 68 mmbbl reserves and contingent resources; US$49.9m deposit paid; price expected to fall by about US$140-200m at close. Funding is US$228m cash, up to US$250m ING loan, and an intended equity raising. Up to US$100m contingent payments if oil is high.
25 July 2019asset acquisition disposition▲ GoodMajor
Karoon signs a binding deal to buy 100% of the Baúna field (about 20,000 barrels a day) from Petrobras for a US$665m headline price, offset by cash flows since 1 January 2019. Regulatory approval is expected in the first half of 2020. This delivers its top strategic goal.
15 July 2019other● Neutral
ASX paused trading in Karoon pending a further announcement. The reason is not stated here; the same-day media-response release suggests it relates to the Baúna bid (inference).
15 July 2019material agreement▲ GoodMajor
Karoon confirms it is the high bidder for 100% of Petrobras's BM-S-40 concession containing the producing Baúna field. This is the long-sought production acquisition, still subject to Petrobras board and governance approval.
6 May 2019farm in farm out completion▲ GoodMajor
Tullow's farm-out of 35% of Peru Block Z-38, announced January 2018, is complete. Tullow funds 43.75% of the first well (capped at US$27.5m at 100%) and pays US$2m now plus US$7m on a commercial discovery. Marina-1 targeted early 2020 (256 mmbbl gross).
30 Apr 2019quarterly activities report● Neutral
March quarter: cash A$322m, net outflow A$7.9m. Board's strategy review ranks a production acquisition first, Neon second, then exploration. WA-482-P renewal applied for; Neon plan due July 2019; Marina rig proposals under assessment. Acquisition still not announced.
5 Apr 2019joint venture update● Neutral
Neon/Goiá development plan stays at two production wells; a formal farm-out to find a partner has begun. A Development Plan (not a final investment decision) is due to the regulator in Q3 2019, and a cost/benefit check of an extra Neon well is under way.
14 Mar 2019other● NeutralMajor
Chairman Bruce Phillips reports a strategy review: top priority stays buying a long-life production asset, with Neon/Goiá development second and Peru's Marina well (early 2020) kept funded. Buy-backs follow any acquisition; a further 20% corporate cost cut is targeted.
14 Mar 2019half year report● Neutral
Half-year report to 31 December 2018 under the new Karoon Energy name, confirming Bruce Phillips as Chairman from 1 January 2019 and continued acquisition search in Brazil. Financial figures were truncated, so none are stated here.
1 Mar 2019admin correction● Neutral
Karoon lodged its amended constitution reflecting the name change to Karoon Energy Ltd, approved by shareholders at the 30 November 2018 AGM. Administrative only; completes the name change thread.
31 Jan 2019quarterly activities report● Neutral
December quarter: cash A$330m. Karoon won an 18-month technical evaluation agreement over Peru's Area 73 next to Z-38, and ANP approved annexation of Neon and Goiá. Shareholders approved the rename; acquisition search continues, nothing announced.
20 Dec 2018director officer appointment▲ GoodMajor
Bruce Phillips, founder and former CEO of AWE, is appointed independent Chairman from 1 January 2019, resolving the vacancy left by Dr Klingner's death in August. Board becomes eight directors; Phillips calls Karoon undervalued by the market.
30 Nov 2018investor presentation● Neutral
AGM corporate review repeating known points: A$333m cash, no debt, net 2C 82 mmbbl, market cap about A$220m, and the plan to buy a production asset. Notes the US$200m Origin payment still depends on milestones. No new information visible.
30 Nov 2018other● Neutral
Interim Chairman Peter Turnbull's AGM address restates the three pillars: buy a production asset, develop Neon, and explore Peru's Marina. Notes further cost cuts expected and the proposed rename to Karoon Energy. No new transactions announced.
21 Nov 2018agm notice● Neutral
Karoon withdrew AGM resolutions 5 and 6, which would have issued annual performance rights and options to the Executive Directors. It says this followed consultation with stakeholders and with Robert Hosking and Mark Smith.
14 Nov 2018investor presentation● Neutral
November investor review repeating known themes: A$333m cash, no debt, market cap about A$270m, pursuit of a production asset, Marina drilling with Tullow and Neon/Goiá pre-FEED work. Cites cost cuts including 20% fewer staff. No new announcement visible.
31 Oct 2018quarterly activities report● Neutral
September quarter: cash A$333m, no debt change stated. Z-38 force majeure lifted (Marina-1 early 2020); WA-314-P Year 4 well replaced by studies. Managing Director says Karoon is in two acquisition processes, one in advanced negotiations; none announced yet.
26 Sept 2018other● Neutral
Karoon's 2018 Corporate Governance Statement, current at 25 September 2018, says the company believes it fully complies with the ASX governance recommendations. Routine annual compliance disclosure; no new business information.
26 Sept 2018admin correction● Neutral
Appendix 4G for the year to 30 June 2018, signed by Company Secretary Scott Hosking, confirms where the governance statement can be found. Administrative filing lodged with the annual report; no new substance.
26 Sept 2018annual report● Neutral
2018 Annual Report, following the death of Chairman Dr Klingner. Net 2C estimates are 55 mmbbl for Echidna (Neon) and 27 mmbbl for Kangaroo (Goiá). The board proposes renaming the company Karoon Energy Limited. Production acquisition search continues.
21 Sept 2018regulatory community update▼ BadMajor
Karoon said its full-year results would include a non-cash impairment of $140 million on blocks S-M-1101 and S-M-1165, which hold Goiá. Neon is to be developed first, with its plan due before end-2018; Z-38 force majeure was lifted and Marina-1 with Tullow is planned for early 2020.
16 Aug 2018director officer appointment● Neutral
Non-executive director Peter Turnbull became interim Chairman from 15 August 2018 after Dr Klingner's death, while the board searches for a permanent chair. The board stays at seven directors.
14 Aug 2018director officer appointment▼ BadMajor
Chairman Dr David Klingner, a director since 2014, died on 13 August 2018 after a short illness. The nomination committee will appoint an interim chairman and begin the search for a permanent replacement.
31 July 2018quarterly activities report● Neutral
June quarter: cash A$333.6m. Reports the May resource revisions (Santos net 2C 82 mmbbl) and that the DEA joint bidding agreement ended. Block S-M-1166 was relinquished. Development plan due to ANP in the December quarter; no acquisition yet.
25 May 2018regulatory community update▲ GoodMajor
ANP approved the Declaration of Commerciality for Echidna and Kangaroo, now named Neon and Goiá, ending the exploration phase of the Santos blocks and starting development. This is not a final investment decision, which is still expected later in 2018.
8 May 2018investor presentation● Neutral
May 2018 investor review repeating the same day's resource update: Echidna 2C 55 mmbbl and Kangaroo 27 mmbbl net, plus Z-38 and WA-482-P prospective resources. No new information in the visible text.
8 May 2018resource reserve update▼ BadMajor
Karoon cut its resource estimates: Echidna net 2C falls to 55 mmbbl (arithmetic basis 75 to 52) and Kangaroo 2C is 27 mmbbl, against 129 mmbbl combined before. Z-38 best case is over 1.3 billion bbl gross; WA-482-P is 2.8 billion bbl gross.
30 Apr 2018quarterly activities report● Neutral
March quarter: cash A$329m (from A$333.9m). Reports the Declaration of Commerciality filing, the Tullow Z-38 farm-out and Petrobras relaunching Baúna. FID is now 'later in 2018'. Largely repeats known events; no acquisition announced.
