Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2016investor presentation● NeutralMajor
Letter to shareholders: A$523m cash at 31 Dec 2015 (A$2.12 per share), no debt, and US$200m contingent receivables. It says the share price undervalues the assets, new farm-out interest has emerged, and Karoon is also seeking low-cost production assets to acquire. This signals a possible acquisition strategy.
11 Mar 2016other▼ Bad
S&P Dow Jones Indices announced Karoon will be removed from the S&P/ASX 200 index after the close on 18 March 2016. This ends the index membership noted earlier and may affect index-fund demand for the shares (inference).
7 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: loss of A$84.0m, after writing off A$149.6m of past Australian exploration spending no longer considered prospective, partly offset by a A$46.2m tax benefit. It follows the Levitt-1 dry hole and shows weaker earnings than the prior-year profit of A$209.1m.
24 Dec 2015contract award▲ GoodMajor
Karoon contracted the Olinda Star rig for two firm and two optional wells to appraise Echidna in the Santos Basin, drilling to start in the third quarter of 2016. This resolves the open rig contracting; first oil from an early production system could come in the first half of 2019 on success.
22 Oct 2015investor presentation● Neutral
AGM presentation restating A$560m cash at 30 Sep 2015, no debt, 84 mmbbl net 2C in Kangaroo and Echidna, and a goal of becoming an oil producer after Santos Basin appraisal success. Buyback described as ongoing. No new results.
16 Oct 2015admin correction● Neutral
ASIC Form 484 records cancellation of 343,152 shares bought back for about A$574k, taking issued shares to 246,290,463. This is a routine filing reflecting the ongoing on-market buyback.
15 Oct 2015annual report● Neutral
2015 Corporate Governance Statement, current as at 8 September 2015, checking the company's practices against the ASX governance recommendations. Compliance checklist and administrative disclosure with no new business or resource information.
24 Sept 2015investor presentation● Neutral
September 2015 corporate and operations review restating the resource summary: Kangaroo net 13/35/65 mmbbl, Echidna net 16/49/99 mmbbl, and Peru and Brazil prospective resources. No new results or announcements in the readable text.
17 Sept 2015resource reserve update● NeutralMajor
Echidna gets a first 2C contingent resource of 75 mmbbl (49 net). Kangaroo's 2C is revised to 54 mmbbl (35 net), well below the earlier net 88 mmbbl. Combined 129 mmbbl gross, 84 net, with a much tighter 1C-3C range. These are internal management estimates not agreed by partner Pacific Exploration and Production.
17 Sept 2015investor presentation● Neutral
Presentation repeating the new 129 mmbbl gross (84 net) combined 2C figure. It outlines a staged appraisal plan with a decision on an early production system after 2016 drilling, and first oil expected in 2019. Market cap A$460m, cash A$553m, no debt. No new figures.
9 Sept 2015admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 8 September 2015. Administrative filing with no business substance.
8 Sept 2015annual report● Neutral
2015 annual report: year closed with A$553m cash after A$659m net proceeds from the Browse permit sale. It recaps the Echidna discovery and test results suggesting horizontal wells could exceed 10,000 bopd. Plans are for 2016 appraisal work. No new figures beyond known results.
8 Sept 2015regulatory community update▲ GoodMajor
Brazil's regulator approved the revised appraisal plan for the Santos Basin blocks (Karoon 65%). Firm commitments run to 31 December 2018, and Echidna appraisal drilling is expected to start in 2016. An early production system is contemplated if appraisal succeeds. This clears the way for the next phase after the 2015 discoveries.
11 Aug 2015drilling result▼ BadMajor
Levitt-1 reached 4,929 mRT with no hydrocarbon shows; the Legendre and North Rankin reservoirs were water-bearing. It is a dry hole in WA-482-P (Karoon 50%, carried for 90% of cost, net cost within US$5m). It resolves the 110 mmbbl net exploration test; management still sees potential elsewhere in the permit.
20 July 2015drilling progress report● Neutral
Levitt-1 was drilling ahead at 2,918 mRT after setting 13-5/8" casing at 2,094 mRT. Total depth is still expected in early August; net best estimate is 110 mmbbl. No result yet.
14 July 2015investor presentation● Neutral
Conference presentation restating known facts: about A$550m cash at 30 June 2015, no debt, A$540m market cap. Updated Echidna and Kangaroo resource ranges and pre-FEED plans are expected in the fourth quarter of 2015. No new results.
6 July 2015drilling spud● NeutralMajor
Levitt-1 spudded on 4 July 2015 in WA-482-P, now operated by Quadrant Energy (ex-Apache). Karoon holds 50% and is carried for 90% of cost. Total depth is expected in early August; net best estimate is 110 mmbbl. This resolves the long-awaited spud.
1 July 2015joint venture update● Neutral
Apache's Australian arm, including its 50% of WA-482-P, was sold to Macquarie and Brookfield for US$2.1bn. Karoon waived its pre-emptive rights over that interest, which Apache valued at US$241m. Levitt-1 is expected to spud in the first week of July.
7 May 2015well test result▲ GoodMajor
Echidna-1 Paleocene test flowed 4,650 bopd, limited by test facilities, with 38.6 degree API oil. Karoon says reservoir quality is the best in its Brazilian acreage. The joint venture will not take the second option well; appraisal drilling is planned near term.
20 Apr 2015drilling result▲ GoodMajor
Echidna-1 is confirmed as an oil discovery, with a 213 m gross oil column across Paleocene and Maastrichtian reservoirs and 39.5 degree API oil. It adds to the Kangaroo field, near Karoon's Santos Basin production-hub plans. Testing begins; second option well decision due in weeks.
13 Apr 2015drilling result▲ Good
Echidna-1 reached 2,379 mRT and mudlogs show oil in Paleocene sands, with further shows in the Maastrichtian. Wireline logging must still confirm the oil column and its size. An early positive sign after the Kangaroo West dry hole.
8 Apr 2015investor presentation● Neutral
April 2015 corporate review restating known assets, resource tables and the Kangaroo and Echidna positions. No new result or figures are evident in the readable text.
1 Apr 2015drilling spud● Neutral
Echidna-1, the third well of the Santos Basin campaign, spudded on 31 March 2015 in block S-M-1102 (Karoon 65%). Reservoir is expected within about 3 weeks, total depth 2,400 mRT in April. Net best estimate is 95 mmbbl, with a 43% chance of success.
24 Mar 2015contract award▲ Good
Apache has contracted the Ocean America rig to drill Levitt-1 in WA-482-P (Karoon 50%), now expected to spud in May 2015. Karoon is carried for 90% of cost; its net dry-hole cost is about US$5m. Net best estimate is 110 mmbbl.
20 Mar 2015drilling result▼ BadMajor
Kangaroo West-1 reached 3,170 mRT and found no hydrocarbons, blamed on lack of oil charge, the known main risk. Net cost is about US$34m. The joint venture will drill Echidna-1 (65%, best 95 mmbbl net unrisked, 43% chance) as its first option well.
16 Mar 2015drilling progress report● Neutral
Kangaroo West-1 is drilling ahead at 1,759 mRT in the 12-1/4" hole after running 20" casing. No new result. A decision on the first option well is still expected in coming weeks.
16 Mar 2015half year report▲ Good
Half-year to 31 December 2014 shows a profit of A$209m, including a A$276m gain on the Origin sale and A$83m of foreign exchange gains on US dollar cash. A A$32.5m impairment on Brazilian block S-M-1352 partly offset this. The buyback was suspended when drilling began.
2 Mar 2015drilling spud● NeutralMajor
Kangaroo West-1, the second firm well of the Santos Basin campaign, spudded on 26 February 2015 in block S-M-1165 (Karoon 65%). The reservoir is expected in about 3 weeks and total depth in early April. A decision on the first option well is expected in coming weeks.
25 Feb 2015other● Neutral
ASIC filing records 13,593 new shares issued on 10 February 2015 at no payment, taking shares to 246,633,615. Administrative, with no explanation given in the filing.
11 Feb 2015drilling result● NeutralMajor
The Kangaroo-2 up-dip sidetrack found 37 m gross of Paleocene oil with 39 degree API oil, but the Maastrichtian was water-bearing. It is in a separate pressure compartment, so the field is several accumulations. No gas cap was found. Resource size and recovery remain to be assessed; Kangaroo West-1 is next.
