Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 June 2013regulatory community update▲ GoodMajor
Peru approved the environmental study for Block Z-38, allowing up to 10 exploration and 10 appraisal wells. At least two wells are planned, starting late in the first half of 2014, and Karoon is discussing farming down its 75%. This clears a key permitting step.
21 June 2013drilling progress report● Neutral
Proteus-1ST1 returned to drilling at 4494 m after blowout preventer testing passed and cement plugs were set and drilled out. This resolves the earlier well control difficulty. No reservoir result yet.
18 June 2013regulatory community update▲ Good
A 2,386 sq km 3D seismic survey over WA-482-P began on 10 June 2013, expected to take about 56 days, with preliminary results towards end-2013. Karoon is still completing the transfer to reach 100%. A drilling decision is needed before permit year three.
12 June 2013drilling progress report▼ Bad
Proteus-1 sidetrack (ST1) was drilled to 4493 m when well control difficulties occurred. Blowout preventer testing and work to regain control come before drilling resumes. No reservoir result yet.
3 June 2013investor presentation● Neutral
June review repeats known points: Kangaroo and Bilby oil discoveries, Browse gas results and Proteus-1 drilling. New figures are market capitalisation about A$1.5bn at A$6.75 and Peru drilling expected by early 2014. Cash A$210m is the 30 April figure.
27 May 2013drilling result▲ GoodMajor
Karoon completed its three-well Santos Basin campaign, with Bilby-1 finishing at 4,416 m and no further zones found. Two oil discoveries (Kangaroo-1, Bilby-1) from three wells, net cost about A$30m after Pacific Rubiales. Karoon is now seeking a rig for multi-well appraisal.
23 May 2013drilling progress report▼ Bad
Proteus-1 hit drilling difficulties at 4740 m. The hole was plugged back and a sidetrack is being prepared, with drilling expected to resume within 24 hours. No reservoir result yet.
10 May 2013drilling result▲ GoodMajor
Bilby-1's proven oil column grew to 320 m, with a potential gross column of about 560 m and roughly 70 m of net oil-bearing reservoir. Oil sampled is 33 degree API. Drilling continues to 4573 m after wireline testing.
6 May 2013drilling result▲ GoodMajor
Bilby-1 found oil in Maastrichtian-age sands, confirmed over 200 m gross so far. This is Karoon's second Santos Basin oil discovery after Kangaroo-1. The well continues to 4573 m, and a rig for Kangaroo-2 and a Bilby follow-up is expected in the fourth quarter.
3 May 2013drilling progress report● Neutral
Proteus-1 reached 4740 m in the 8-1/2 inch hole after running a 9-5/8 inch liner to 4168 m. No reservoir result yet.
1 May 2013investor presentation● Neutral
May review repeats known points. New figures: cash A$210m at 30 April 2013 and market value about A$928m at A$4.20, against A$6.60 and A$1.46bn in February. Peru drilling is now expected by early 2014.
19 Apr 2013drilling progress report● Neutral
Bilby-1 was drilling at 1626 m after setting 20-inch casing at 1190 m. Karoon also qualified as an 'Operator A', allowed to operate exploration in any water depth in Brazil. No well result yet.
19 Apr 2013drilling progress report● Neutral
Proteus-1 was drilling the 12-1/2 inch section at 4166 m, with no result yet. The Browse campaign is stated as a minimum of five wells through 2013.
11 Apr 2013resource reserve update▲ GoodMajor
Karoon booked a Kangaroo contingent resource of 2 million barrels (1C), 73 million (2C) and 337 million (3C), after post-drill seismic showed over 600 m of updip potential. Kangaroo-2 appraisal could lift the 1C figure.
8 Apr 2013drilling spud● NeutralMajor
Bilby-1, the third and final Santos Basin well, spudded on 7 April 2013 in block S-M-1166, targeting Santonian, Campanian and Eocene levels. It runs into May and completes minimum work commitments. Karoon is still seeking a rig for Kangaroo-2.
5 Apr 2013asset acquisition disposition● NeutralMajor
Karoon will not use its pre-emptive right over ConocoPhillips' sale of 20% of Browse permits WA-315-P and WA-398-P to PetroChina, clearing PetroChina's entry. The joint venture also extended the Transocean Legend rig contract to six firm wells; Proteus-1 was at 2913 m.
28 Mar 2013farm in farm out agreement▲ GoodMajor
Pacific Rubiales exercised its option for a 35% interest in Santos Basin block S-M-1166 (Bilby). It will fund the first US$70m of Bilby-1 costs, then 35% thereafter, taking its total well carry to US$210m. Still subject to ANP approval.
25 Mar 2013drilling result▼ BadMajor
Emu-1 reached 4381 m and found good reservoirs, but the main ones are water-bearing at this location, with only possible thin hydrocarbon sands. This is a disappointment after the Kangaroo-1 oil find. A discovery notification is being filed with ANP, and Bilby-1 is next.
25 Mar 2013drilling spud● Neutral
Proteus-1, the third well of the Browse campaign, spudded on 25 March 2013 in WA-398-P, about 14 km southeast of Poseidon-1. Karoon holds 40% and ConocoPhillips operates. The campaign is at least five wells through 2013.
13 Mar 2013drilling result▲ GoodMajor
Zephyros-1 reached 5372 m and found gas-bearing Plover sands similar to Kronos-1, with good quality and high mobility. The joint venture will not run a production test, as the results resemble Kronos-1. The rig moves to Proteus-1.
8 Mar 2013half year report▼ Bad
Half-year to 31 December 2012 shows a loss of A$8.7m versus a A$2.7m profit a year earlier. Foreign currency losses of A$1.6m, against a A$4.9m gain before, and lower interest income (A$4.2m versus A$8.0m) contributed. Operations repeat known items.
7 Mar 2013asset acquisition disposition● NeutralMajor
ConocoPhillips agreed to sell PetroChina a 20% interest in the Browse permits WA-315-P and WA-398-P (including Poseidon). Karoon has pre-emptive rights over that 20%, lapsing at the start of April, and is assessing its position.
6 Mar 2013drilling progress report● Neutral
Emu-1 reached 2919 m after setting 13-3/8" casing and is drilling in 12-1/4" hole. It is expected to run into early April. No result yet.
26 Feb 2013drilling progress report● Neutral
Zephyros-1 hit a sandstone with sandy cuttings and higher gas readings, indicating a potential gas-bearing reservoir. Coring is about to start, with wireline logging to follow. This is an early indication only, not a confirmed discovery.
20 Feb 2013drilling progress report● Neutral
Zephyros-1 drilled the 8-1/2" hole from 4000 m to 4822 m and cemented a 7-5/8" liner. It is drilling out the shoe to start the 6-1/2" section through the target. No reservoir result yet.
11 Feb 2013investor presentation● Neutral
February review restates known points: Kangaroo-1 oil, Emu-1 spud, Pacific Rubiales farm-out (subject to approval) and WA-482-P. New figures: cash A$228m at 31 December 2012, market value about A$1.46bn at A$6.60. Text truncated.
11 Feb 2013drilling spud● Neutral
Emu-1, Karoon's second Santos Basin well after the Kangaroo-1 oil find, spudded on 10 February 2013. It targets Santonian, Campanian and Miocene levels and runs into early April. Bilby-1 is expected to follow as the third well.
5 Feb 2013drilling progress report● Neutral
Zephyros-1 drilled the 12-1/4" hole from 2918 m to 4007 m and set 9-5/8" casing at 4000 m after the cyclone suspension. It is now running in to drill the 8-1/2" section toward the reservoir. No reservoir result yet.
31 Jan 2013drilling result▲ GoodMajor
Kangaroo-1 wireline work confirms a 25 m gross oil column of 42 degree API oil, with good reservoir quality (25-32% porosity). Mapping suggests a column over 300 m up-dip. No flow test will be run at this down-dip spot; Karoon is seeking a rig for a Kangaroo-2 appraisal well.
25 Jan 2013drilling result▲ GoodMajor
Kangaroo-1, Karoon's first Santos Basin well, found light oil: a 25 m gross column in Eocene rocks at 3049 m, not the primary target. The well hit it 300 m down dip, and the whole trap could hold about 350 m. Testing decision follows logging.
