Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2018regulatory community update▲ GoodMajor
Karoon lodged the Final Discovery Evaluation Report and Declaration of Commerciality for Echidna and Kangaroo with Brazil's ANP, ending the exploration phase on approval; FID is not decided and is now expected later in 2018. Karoon welcomed Petrobras relaunching the Baúna sale.
9 Mar 2018half year report● Neutral
Half-year report to 31 December 2017. Karoon says it focused on evaluating a production and development purchase, cut manpower and overheads, and won Block S-M-1537. Echidna FEED continues through first half 2018. Financial figures were truncated, so none are stated here.
20 Feb 2018regulatory community update▲ GoodMajor
Brazil's ANP approved removing the two-well and 3D seismic appraisal commitments on Karoon's five Santos blocks and closed the appraisal period. Karoon will now file a Declaration of Commerciality for Echidna and Kangaroo; it says this helps the tender and farm-out.
31 Jan 2018quarterly activities report● Neutral
December quarter: cash A$333.9m (from A$352m). Block S-M-1537 concession signed and the Tullow Z-38 farm-out reported. Echidna tender issued; Ceduna 2D seismic dropped from first-half 2018 with timing under review. Largely repeats known events.
10 Jan 2018farm in farm out agreement▲ GoodMajor
Tullow Oil to take 35% of Peru Block Z-38, ending the search for a partner. Tullow funds 43.75% of the first well (capped at US$27.5m at 100%), pays US$2m on completion and US$7m on commercial discovery. Karoon falls to 40%; approvals pending.
9 Nov 2017other● Neutral
Chairman's AGM address: strategy now three-pronged (buy producing assets, develop Brazilian discoveries, upgrade exploration). Says staff cut 20% and several acquisition projects are in final evaluation and negotiation. Aims for Echidna FID this financial year.
9 Nov 2017investor presentation● Neutral
AGM corporate presentation: A$352m cash, no debt, market cap A$335m, Echidna FID still targeted for the June 2018 quarter, and a focus on acquiring a transformational production asset. Repeats known facts.
31 Oct 2017quarterly activities report● Neutral
September quarter: cash A$352m (from A$375m). Echidna FEED under way and tender documents finalised; Quadrant swapped a WA-482-P exploration well commitment for seismic reprocessing. Repeats the Block S-M-1537 award and DEA option; no new acquisition announced.
28 Sept 2017asset acquisition disposition▲ GoodMajor
Karoon won Block S-M-1537, a 171 sq km southern Santos Basin block (about 400m water depth) in ANP Bid Round 14. It will pay A$8m non-refundable bid bonus plus a A$2.5m refundable bond at December 2017 signing; Karoon says it has potential for hundreds of millions of barrels.
21 Sept 2017other● Neutral
Appendix 4G for the year to 30 June 2017, a checklist pointing to where governance disclosures sit. Administrative filing lodged with the annual report; no new business information.
21 Sept 2017other● Neutral
2017 Corporate Governance Statement, current at 21 September 2017. The company says it believes it is fully compliant with the ASX governance recommendations. Administrative disclosure with no new business information.
21 Sept 2017annual report● Neutral
2017 Annual Report. Karoon says the Petrobras Baúna/Tartaruga sale could not proceed and it is now pursuing cash-positive development and production acquisitions. Echidna (about 28,000 bbl/d peak) is in FEED of about A$10m, with FID targeted for the June 2018 quarter.
15 Sept 2017regulatory community update● Neutral
Responding to media articles, Karoon says the Petrobras Baúna/Tartaruga sale is withdrawn and, as it understands, will not relaunch until court proceedings finish. It has entered alternative sales processes for production and exploration assets in the southern Santos and Campos Basins; Echidna FEED continues into 2018.
1 Aug 2017other● Neutral
Substantial holder notice: Wellington Management's stake fell from 10.61% to 9.46% (23,204,552 shares) as of 28 July 2017. A routine shareholding change, with no company announcement attached.
31 July 2017farm in farm out agreement▲ GoodMajor
Karoon signed a framework agreement with Germany's DEA to evaluate and jointly bid for Brazilian offshore assets. DEA gets an exclusive option to buy up to 50% non-operated of Karoon's five Santos Basin blocks (including Echidna and Kangaroo), subject to due diligence and agreed terms.
31 July 2017quarterly activities report● Neutral
June quarter: cash A$375m, down from A$390m. Pre-FEED for Echidna completed, with FEED approval and the DEA framework agreement coming after quarter end. Karoon says it expects Petrobras to relaunch the Baúna and Tartaruga Verde sale. Repeats previously announced points.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter: cash A$450m. The Petrobras sale remains under injunction, which a higher court declined to stay. Karoon relinquished Peru Block 144 and took Ceduna EPP46. The ANP approved the Pacific interest purchase, with settlement expected in the March 2017 quarter. Appraisal drilling expected in 2017.
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.
30 Nov 2016agm notice● Neutral
Chairman's AGM address: says the Pacific buyout gives 100% of the Brazil discoveries and Karoon has balance sheet strength for a meaningful production acquisition. Aims to become an oil producer within one to two years. Wheelahan retires at the meeting; Rachid stands for election.
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.
