Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Aug 2013drilling progress report▼ Bad
Proteus-1ST1 drilled to 4937 m, then a stuck drill string and failed recovery forced a decision to sidetrack again. Sidetracking is under way, with drilling expected to resume within days. No reservoir result yet.
1 Aug 2013resource reserve update▲ GoodMajor
Kangaroo contingent resource was raised to 11 million barrels (1C), 135 million (2C) and 487 million (3C), from 2/73/337. New core and fluid data extended the oil column from 25 m to 76 m. Karoon is seeking a rig for Kangaroo-2, Bilby-2 and Kangaroo West-1.
31 July 2013quarterly activities report● Neutral
June quarter report: Proteus-1 reached 4,937 m but a stuck drill string forced a second sidetrack. WA-482-P seismic is under way, and cash was A$200m. It describes Bilby-1 oil as 28 API, versus 33 API in earlier reports. Text truncated.
19 July 2013drilling progress report● Neutral
Proteus-1ST1 was drilling ahead in the 6-1/2 inch hole at 4583 m after the liner was cemented and pressure tested. No reservoir result yet.
17 July 2013investor presentation● Neutral
July review repeats known points. New figures: cash A$200m at 30 June 2013 and market capitalisation about A$1.3bn at A$6.00. Peru drilling is now expected by mid-2014, later than the earlier early-2014 timing.
5 July 2013drilling progress report● Neutral
Proteus-1ST1 drilled the 8-1/2 inch section from 4494 m to 4561 m, then a 7-5/8 inch liner was run and cemented. The 6-1/2 inch section is due to start the following week. No reservoir result yet.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter report restates Kangaroo-1 oil, Zephyros-1 gas, Pacific Rubiales' Bilby option, the Proteus-1 spud and Operator A status. Peru rig tenders indicate availability from late 2013. WA-482-P seismic of 2,375 sq km is targeted for the third quarter. Text truncated.
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.
