Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2016quarterly activities report● Neutral
September quarter: cash A$449m, down from A$480m. Pre-FEED supports a five-well Echidna development (3 production, 2 injection), versus nine wells previously. Management calls the Baúna/Tartaruga Verde negotiation a potentially transformational chance to gain low-cost production. Buyback lapsed 2 September.
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.
29 July 2016quarterly activities report● Neutral
June quarter: cash A$480m. Completed production well costs are down about 35% from the September 2015 estimates, and full-field development now looks the best base case rather than an early production system. Echidna appraisal drilling remains under review pending talks with Pacific.
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.
29 Apr 2016quarterly activities report● Neutral
March quarter: cash A$477m, down A$46.6m, including a A$22.4m unrealised foreign exchange loss and a A$13.2m tax payment on the Browse sale. Echidna appraisal still planned for September quarter 2016. Optimisation expects significant capex savings. Acquisition due diligence continues; farm-out interest has improved.
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.
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.
29 Jan 2016quarterly activities report● Neutral
December quarter report: Olinda Star contracted, with Echidna appraisal drilling now scheduled for the September 2016 quarter. 1.21m shares were bought back in the quarter. New WA-482-P seismic shows indications of additional prospectivity. Block S-M-1352 relinquishment approval is still pending.
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.
30 Oct 2015quarterly activities report● Neutral
September quarter report: Santos appraisal drilling of 2 to 4 wells, focused on Echidna, planned from the June quarter 2016, with a farm-out data room expected in early 2016. WA-314-P renewal accepted and the buyback extended 12 months. Largely recaps known results.
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.
22 Oct 2015agm notice● Neutral
AGM pack: the new chairman calls 2015 pivotal, citing the Browse sale and Echidna and Kangaroo discoveries as the path from explorer to producer. Cash A$560m at 30 Sep 2015, no debt, 246.3m shares, buyback ongoing. Repeats known facts.
22 Oct 2015agm notice● Neutral
Chairman's AGM address: 2015 described as pivotal, with the Browse sale completed, Echidna and Kangaroo discoveries confirmed, and governance reviewed. The board now has a majority of independent non-executives and a new Risk and Governance Committee. No new figures.
