8 June 2012drilling progress report▼ Bad
Boreas-1's blowout preventers failed to function properly when run to the sea floor and were pulled for repairs. Drilling of the 8-1/2 inch section is delayed; this is the first equipment setback on the well.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2012investor presentation● Neutral
June 2012 review repeats known facts: about 221m shares, A$1.2bn market value at A$5.43, Poseidon contingent resource P90 3, P50 7, P10 15 tcf. Brazil and Peru farmouts are still being negotiated. Much of the text is garbled.
25 May 2012drilling progress report● Neutral
Boreas-1 drilled to 4009 m and 9-5/8 inch casing was cemented. Blowout preventers were pulled and serviced; the 8-1/2 inch section was due to start the following week. No results yet.
11 May 2012drilling progress report● Neutral
Boreas-1 was drilling ahead at 3908 m in a 12-1/4 inch hole. No results reported; routine progress update.
24 Apr 2012drilling progress report● Neutral
Boreas-1 (4 km south of Poseidon-1) has had surface casing cemented at 2822 m and is about to drill ahead. Zephyros-1 and Proteus-1 follow in a program of at least five wells running through 2013. No result yet.
5 Apr 2012drilling spud▲ GoodMajor
Boreas-1 spudded on 5 April 2012, starting the Browse Phase-2 campaign of at least five wells that is expected to run through 2013. It targets a fault block about 4 km south of Poseidon-1; Karoon will give fortnightly progress reports.
26 Mar 2012drilling scheduled● Neutral
The Transocean Legend left Dampier on 24 March, and Boreas-1 is due to spud early the following week. At least five Browse wells are planned, with Zephyros-1 and Proteus-1 next. This follows several earlier slips in the start date.
6 Mar 2012half year report● Neutral
Half-year to December 2011 shows a profit of A$2.7m versus a A$14.2m loss a year earlier, driven by A$8.0m interest income and A$4.9m currency gains rather than operations. Final approval for the WA-314-P rise to 90% was received after period end.
23 Feb 2012investor presentation● Neutral
March 2012 review: about 221m shares at A$5.43 (A$1.2bn market value), cash US$266m at December. Browse targets Boreas, Zephyros and Proteus selected; Brazil drilling targets shortlisted. Farmouts still under negotiation, so no deal has yet been signed.
23 Feb 2012drilling scheduled● Neutral
Browse campaign slips again, now to early March 2012, with Boreas-1 to spud by mid-March. At least five wells planned; Zephyros-1 and Proteus-1 named as wells two and three. Karoon holds 90% of WA-314-P and 40% of the other two permits.
23 Dec 2011drilling scheduled● Neutral
Browse drilling is delayed again, now expected early February 2012 with Boreas-1 first. Brazil's Blackford Dolphin wells remain on track for Q2 2012. Karoon hopes to finish the Brazil and Peru farmouts in Q1 2012; Peru rig tenders are arriving.
26 Oct 2011investor presentation● Neutral
AGM operations review repeating the October snapshot: cash A$260m, about 221m shares at A$3.75 (A$830m market value), Browse drilling Q4 2011 and South American drilling from Q2 2012. No new results.
20 Oct 2011investor presentation▲ Good
Chairman says Browse drilling of five to eight wells starts in weeks, Brazil's three wells early 2012 and Peru's late 2012. New Peru 3D seismic doubled unrisked prospective resource to 0.7-4.2 billion barrels; WA-314-P farmout proposed for 2012.
29 Sept 2011investor presentation● Neutral
October 2011 review: cash A$267m at September plus A$46m refundable Brazil deposit; about 221m shares at A$3.20 (A$768m market value). Peru prospects and leads now total 16. Browse resource reassessment is due Q2 2012; South American reassessment Q4 2011. Largely repeats known facts.
23 Sept 2011director officer appointment▲ GoodMajor
Karoon appointed Jose Coutinho Barbosa, former Petrobras president and CEO, as a director to strengthen its Brazil presence ahead of its largest drilling campaign. He holds 300,000 options at A$11.50 expiring November 2013. He was already listed as Chief Brazilian Advisor.
19 Sept 2011annual report● Neutral
2011 annual report: Browse approval, Transocean Legend and Blackford Dolphin rigs contracted, and WA-314-P lifted to 90%. Raised A$292.5m in the year including A$24.2m from option exercises. The Brazil subsidiary share offering failed on poor markets. Peru drilling planned for 2012.
16 Sept 2011asset acquisition disposition▼ BadMajor
Karoon, as operator with 66.67% (Talisman 33.33%), applied to surrender Timor Sea permit AC/P8 immediately, as no drilling target met the joint venture's economic and chance-of-success criteria. This ends the CSEM survey work on the permit.
16 Sept 2011director officer appointment● NeutralMajor
Karoon retained Executive Chairman Robert Hosking under new employment agreements: A$500,000 base salary plus options subject to shareholder approval, and six months' notice. Company cites a planned minimum of ten wells over two years across Australia, Brazil and Peru.
8 Sept 2011contract award▲ GoodMajor
The Browse joint venture signed for the Transocean Legend rig: five firm wells plus options for three more, starting Q4 2011 with Boreas-1 in WA-315-P. ConocoPhillips funds 80% of the first US$125m in WA-315-P. Karoon says it is farming out Santos and Peru assets.
25 Aug 2011contract award▲ GoodMajor
Karoon signed the final drilling contract for the Blackford Dolphin rig to drill three wells on its wholly owned Santos Basin blocks in Brazil from the first half of 2012. This firms up the May letter of intent.
27 July 2011farm in farm out completion▲ GoodMajor
Karoon signed final binding documents to take an extra 50% of WA-314-P from ConocoPhillips for nil cash, completing the deal agreed in November 2010 and lifting it to 90%. ConocoPhillips can buy back 10% after the well. Formal transfer still needs regulatory registration.
4 July 2011regulatory community update▲ GoodMajor
The Browse joint venture received the federal environmental approval to drill, resolving the 'Controlled Action' delay raised in January. Drilling of five to eight wells is expected to start in Q4 2011 and run 18 months to two years.
16 June 2011regulatory community update● Neutral
Karoon clarified media reports: a new Browse drilling application was lodged in May 2011, the government paused its clock to request more information, and a decision is now due 4 July 2011. Rig contracts will be finalised only after approval.
16 May 2011investor presentation● Neutral
May 2011 review: cash A$279m at 31 March plus A$46m refundable security deposit for Brazil commitments; about 221m shares at A$7.00. New items: three new Poseidon-area prospects up to 2 tcf each, Browse approval decision expected June, farmouts planned for Brazil by September and Peru by October 2011.
5 May 2011material agreement▲ Good
Karoon signed a letter of intent for the Blackford Dolphin semi-submersible rig to drill three wells on its 100%-owned Santos Basin blocks in Brazil from the first half of 2012. Final contracts are expected by end of June 2011. Targets are to be announced after seismic interpretation.
31 Mar 2011drilling result▼ BadMajor
Maruja-2 appraisal (a deviated well to 2,530m and a sidetrack to 2,389m) found excellent reservoir sands but they were water-bearing at this location. The oil column in the up-dip part remains undefined. Karoon's 20% still awaits ANP approval; a view on remaining potential is promised.
10 Mar 2011half year report▼ Bad
Half-year to 31 Dec 2010 shows a loss of A$14.2m (prior year A$11.5m), driven by A$6.6m foreign currency losses and A$5.5m of costs for the Brazil subsidiary share offering, which Karoon dropped due to unfavourable markets. Confirms the A$268.2m raised in Sept-Oct 2010.
9 Mar 2011investor presentation● Neutral
March 2011 company review repeats known facts. Share count is now about 220.75m (up from 217.3m, reason not stated), market value about A$1.57bn at A$7.10, cash A$319m at 31 December.
11 Feb 2011investor presentation● Neutral
Revised February review, a re-release of the 2 February deck with the same figures: about 217.3m shares, A$1.6bn market value at A$7.35, cash A$319m. No new information.
7 Feb 2011drilling spud● Neutral
The Ocean Yorktown rig is on location to start Maruja-2, an appraisal well 4.8 km north-east of the Maruja-1 discovery. It will core the reservoir and sidetrack to test continuity. Petrobras operates; Karoon's 20% remains subject to ANP approval.