Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2014drilling result▼ BadMajor
Grace-1 found no significant hydrocarbons. The volcanic zone of interest was water bearing and the well will be plugged and abandoned. It ends the Browse run of gas discoveries: Karoon holds 90% of WA-314-P. Poseidon North-1 is next.
30 Jan 2014drilling progress report▼ Bad
Grace-1 reached total depth of 5,069 m without intersecting Plover or Montara sands. Logging is under way on a gas-show zone in Jurassic volcanics at about 4,000 m. Results are due in days.
20 Jan 2014drilling progress report● Neutral
Grace-1 resumed drilling after the cyclone and BOP testing, and is at 4,844 m. No result yet.
3 Jan 2014drilling progress report● Neutral
The Grace-1 rig was evacuated for tropical cyclone Christine, with no damage apparent. The well remains at 4,767 m, with drilling to resume as soon as practicable.
20 Dec 2013drilling progress report● Neutral
Grace-1 drilled the 6-1/2 inch section to 4,767 m and is preparing for blowout preventer testing. It is still in the Lower Plover target section. No result yet.
16 Dec 2013regulatory community update▲ GoodMajor
Brazil's regulator approved Karoon's appraisal plan for its Santos blocks, the final hurdle before contracting a rig. Firm 2014 commitments are Kangaroo-2 and Kangaroo West-1 wells. Some acreage was relinquished. Block retention is secured. This resolves the pending approval.
6 Dec 2013drilling progress report● Neutral
Grace-1 is drilling the 6-1/2 inch section at 4,395 m, which contains the primary Lower Plover target. No result yet.
22 Nov 2013drilling progress report● Neutral
Grace-1 drilled to 4,120 m and a liner is being cemented. Elevated gas readings were seen in fractured Jurassic volcanics, but no significant sand. The main Lower Plover target is still to be drilled.
18 Nov 2013investor presentation● Neutral
November review largely repeats known points. New figures: market cap about A$1.1bn and three Browse gas and condensate discoveries counted in the campaign. Brazil drilling approval is still expected before year end. Text truncated.
8 Nov 2013drilling progress report● Neutral
Grace-1 has set 9-5/8 inch casing at 3,515 m and is drilling at 3,559 m, with no result yet. Poseidon North-1 is next, after a one-month rig maintenance period.
31 Oct 2013quarterly activities report● Neutral
September quarter report restates the Kangaroo resource upgrade, Proteus-1 test and A$175.5m raising. Cash was A$270.5m. Grace-1 had reached 3,311 m. Chrysalids and Kraken 3D seismic surveys were completed. Farm-out programs continue. Text truncated.
31 Oct 2013other● Neutral
Chairman Hosking's AGM address cites an 80% exploration success rate in FY2013 and says Kangaroo could be transformational. He says the remuneration report will likely fail the vote and that Karoon has retained global investment banks to formalise farm-outs. Text truncated.
31 Oct 2013farm in farm out completion▲ GoodMajor
Brazil's regulator cleared Karoon to take its 20% interest in Block S-M-1352 (Maruja oil field), operated by Petrobras, under the August 2010 farm-in. Maruja-1 flowed 4,675 bbl/d of oil in 2010. Petrobras is resuming assessment. This resolves the pending approval.
31 Oct 2013investor presentation● Neutral
AGM operations review repeats known points: Kangaroo resource, Bilby, Browse discoveries and the Phase 2 Brazil plan targeting a 1H 2014 spud. New figures: market cap A$1.2bn, cash A$270m at 30 September. Text truncated.
28 Oct 2013farm in farm out completion▲ GoodMajor
Brazil's regulator approved the transfer of a 35% interest in four Santos Basin blocks to Pacific Rubiales, completing the farm-in announced in September 2012. Pacific Rubiales now holds 35% of Kangaroo and must fund its share going forward. Karoon retains 65%. Approval for S-M-1066 is expected soon.
18 Oct 2013drilling progress report● Neutral
Grace-1 drilled the 17-1/2 inch section to 2965 m after setting the conductor at 629 m, and is preparing to run 13-3/8 inch casing. Early stage of the well, with no reservoir result yet.
7 Oct 2013investor presentation● Neutral
October review repeats known points. New figures: about 256m shares, 13m options, cash A$265m at 30 September, market cap about A$1.3bn, and total raising of A$175m via placement and share purchase plan. Text truncated.
4 Oct 2013drilling spud● NeutralMajor
Grace-1, the fourth well of the Browse campaign, spudded on 3 October in WA-314-P, where Karoon holds 90%. It targets multi-tcf potential in the Plover and Montara formations, about 35 km north of Poseidon. The campaign now runs through 2014.
3 Oct 2013joint venture update● NeutralMajor
Karoon submitted a Brazil appraisal plan to the regulator: firm wells Kangaroo-2 and Kangaroo West-1, plus up to four contingent wells, targeting early 2014. Kangaroo is the priority, with first oil possible by 2018. Bilby is poorer quality and needs more study. Karoon aims to farm down 10-20%.
17 Sept 2013flow test result▲ GoodMajor
Proteus-1ST2 flowed condensate-bearing gas at up to 7.3 MMscf/d, constrained for hole stability, with condensate of 19-22 bbl/MMscf, the highest yet in the Poseidon campaign. Karoon says future production wells could exceed 100 MMscf/d. This confirms the August discovery.
13 Sept 2013annual report● Neutral
2013 annual report covers the year's Browse gas discoveries, Santos oil discoveries, the Pacific Rubiales farm-out and the WA-482-P acquisition. It gives Kangaroo oil as 40 API and Bilby as 28 API, and says Grace-1 is next in Browse. Text truncated.
11 Sept 2013investor presentation● Neutral
September review largely repeats known points: Browse and Santos results and Proteus-1 gas discovery. New figures: about 251m shares, market cap about A$1.37bn at A$5.45, cash A$300m at 30 August pending final SPP numbers, and 3D seismic on WA-482-P and WA-314-P completed. Text truncated.
10 Sept 2013capital raising announcement● Neutral
The share purchase plan closed having raised A$24.08m at A$5.10, issuing 4,720,812 new shares. That is well below the A$60m cap, so total raised with the placement is about A$174m.
What it means for a shareholder
4.7m new shares at about A$5.10 to raise about A$24.1m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held A$1,000 of shares (196 at the issue price), your slice goes from 0.0000885% to 0.0000867% of the company. To keep it you'd need 4 more shares - about A$20 at the issue price.
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30 Aug 2013drilling result▲ GoodMajor
Proteus-1ST2 reached 5250 m, and logging indicated multiple gas-charged Jurassic reservoirs, including an 87 m gross interval with high net pay. A production test was planned over the coming weeks, adding to earlier campaign gas discoveries at Boreas-1, Kronos-1 and Zephyros-1.
16 Aug 2013drilling progress report● Neutral
Proteus-1ST2 was kicked off from ST1 and drilled to 4921 m, and a 5-inch liner was cemented at 4920 m. The 4-1/8 inch section starts over the weekend. This continues the second sidetrack after the stuck string. No reservoir result yet.
15 Aug 2013capital raising announcement● Neutral
The share purchase plan offer booklet was sent to eligible shareholders, with a chairman's letter. It repeats the A$5.10 price (9.04% discount to the 5-day average) and A$15,000 limit. Closing is 3 September, with shares issued 10 September. No new substance.
8 Aug 2013capital raising announcement● Neutral
Karoon opened a share purchase plan letting eligible shareholders buy up to about A$15,000 of shares at A$5.10, the placement price. It is capped at A$60m, with scale-back possible. Applications close about 3 September; shares issue about 10 September.
8 Aug 2013capital raising announcement▲ GoodMajor
Karoon completed the underwritten placement of about A$150m at A$5.10 per share, an 8.9% discount to A$5.60. Cash is now stated at A$320m with no debt. Farm-out talks continue, and a share purchase plan follows.
7 Aug 2013capital raising announcement● NeutralMajor
Karoon launched an underwritten placement of about A$150m at A$5.10, an 8.9% discount to A$5.60. Proceeds are for farmout negotiations, rig and long-lead items, and Browse, Santos and Peru drilling. A share purchase plan will follow. No shareholder approval needed.
7 Aug 2013investor presentation● Neutral
Presentation supporting the placement of about A$150m at A$5.10. Only the disclaimer is visible in the text provided, so no further content can be summarised. Text truncated.
