Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2013quarterly activities report● Neutral
December quarter report restates Boreas-1's 30.2 MMscf/d flow, the Zephyros-1 and Kangaroo-1 starts and the Kangaroo-1 oil discovery. Peru rig tenders point to availability in late 2013. Text is truncated, so financials are not visible.
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.
17 Jan 2013drilling progress report● Neutral
Kangaroo-1 has cemented 13-3/8" casing at 1840 m and is preparing to drill the next hole section. Drilling is expected to run for most of the first quarter of 2013. No result yet.
16 Jan 2013drilling progress report▼ Bad
Zephyros-1 drilled to 2918 m before tropical cyclone Narelle forced the rig to be evacuated and operations suspended. The crew is being re-manned to resume drilling. No reservoir result yet.
3 Jan 2013drilling progress report● Neutral
Zephyros-1 blowout preventer repairs are complete and the equipment is back on the seafloor. The well is drilling out cement at 2691 m to resume the next hole section. No reservoir result yet.
31 Dec 2012drilling spud▲ GoodMajor
Kangaroo-1, Karoon's first Santos Basin well, spudded on 28 December 2012 and had reached 915 m by 30 December. Results are expected into February 2013. This starts the three-well Brazil campaign, with Pacific Rubiales' 35% farm-in still awaiting ANP approval.
19 Dec 2012investor presentation● Neutral
December review restates Boreas-1 and Kronos-1 flows, Zephyros-1 spud and the Blackford Dolphin rig's arrival. New figures: cash A$247m at end November 2012, market value about A$1.1bn at A$5.00. Pacific Rubiales farm-out still awaits regulatory approval.
13 Dec 2012drilling scheduled▲ Good
The Blackford Dolphin rig began moving to Kangaroo-1 on 11 December, with spud expected in the last week of December. ANP extended the Santos block work-commitment term by 180 days to 12 November 2013. Kangaroo-1 has 272m barrel gross mean prospective resource.
12 Dec 2012drilling progress report▼ Bad
Zephyros-1 blowout preventers failed function testing and were pulled for repair, delaying the next hole section. This is another equipment problem on the Transocean Legend, after the preventer repairs that delayed Boreas-1 earlier in 2012.
28 Nov 2012drilling progress report● Neutral
Zephyros-1 has set 13-3/8" casing at 2691 m and is preparing to run the blowout preventer. Drilling of the next hole section is expected over the coming weekend. No reservoir result yet.
13 Nov 2012drilling spud● Neutral
Zephyros-1, the second well of the Browse campaign after the Boreas-1 gas discovery, spudded on 12 November 2012. It tests Plover reservoirs about 9 km southwest of Kronos-1 in WA-398-P, where Karoon holds 40%. Campaign is at least five wells through 2013.
12 Nov 2012investor presentation● Neutral
November review repeats known points: Pacific Rubiales farm-out (US$40m, subject to approval), Boreas-1 and Kronos-1 flows, three Santos wells from Q4 2012. New figures: cash A$243m at 31 Oct 2012 and market value about A$1.2bn at A$5.40.
31 Oct 2012quarterly activities report● Neutral
September quarter report restates Boreas-1's 30.2 MMscf/d flow, the Pacific Rubiales farm-out agreements and the WA-482-P acquisition. Kangaroo-1 is expected to spud in Nov or Dec 2012; Peru rig contracts are being re-tendered for late 2013. Text truncated, so financials are not visible.
25 Oct 2012investor presentation● Neutral
AGM operations review recaps Boreas-1's 30.2 MMscf/d flow, the Pacific Rubiales farm-out and the Santos drilling order (Kangaroo, Emu/Cassowary, Bilby). Adds Karoon's modelling that a production well could flow 100-250 MMscf/d. Text truncated; no new announcement.
25 Oct 2012other● Neutral
AGM chairman's address recaps known events: the Boreas-1 gas and condensate discovery, the Pacific Rubiales farm-out, and Brazil drilling to start with Kangaroo-1. Peru drilling is planned for 2013 with a Z-38 farmout sought. Text is truncated; no new announcement visible.
24 Oct 2012flow test result▲ GoodMajor
Boreas-1 flowed a sustained, equipment-limited 30 MMscf/d with a condensate ratio of 18 bbl/MMscf, nearly double Kronos-1, and 16% CO2. Karoon believes adjacent production wells could flow above 100 MMscf/d. Zephyros-1 is next.
17 Oct 2012flow test result▲ GoodMajor
Boreas-1 flowed gas at up to 30.2 MMscf/d during clean-up, limited by surface equipment, from a 70 m interval in the Plover formation. Testing continues for about five days. Karoon calls the initial flows encouraging.
11 Oct 2012drilling progress report● Neutral
A production test string is being installed in Boreas-1, with flow testing to begin in the coming days and run through the following week. No test results yet.
28 Sept 2012resource reserve update● NeutralMajor
D&M estimates Karoon's South American net Pg-adjusted mean prospective resources at 561m barrels, down from 589m in 2010 despite a higher gross figure of 812m. The fall largely reflects the 35% Santos Basin farm-out. This long-awaited reassessment excludes the two pre-salt prospects and Maruja.
27 Sept 2012drilling result▲ GoodMajor
Boreas-1 logs indicate net gas pay sands with good reservoir properties, backed by pressure measurements and gas samples recovered by wireline. Production testing is being prepared once the production liner is installed. This firms up the earlier hydrocarbon indications.
24 Sept 2012investor presentation● Neutral
September review restates the Pacific Rubiales farm-out, Boreas-1 reaching its target and the new WA-482-P permit. It cites cash of A$228m at 30 June 2012 and about 221m shares. No new announcements beyond already-known items.
21 Sept 2012farm in farm out agreement● NeutralMajor
Karoon agreed to acquire 100% of North Carnarvon Basin permit WA-482-P from Liberty, funding at least A$16.5m of seismic work over two years. It can withdraw before the Year 3 well commitment. Four prospects are estimated at 0.5 to 3 tcf each.
20 Sept 2012drilling progress report● Neutral
Boreas-1 cut 108 m of core and reached total depth. Wireline logging, pressure and sampling are under way to confirm earlier hydrocarbon indications. If production testing goes ahead it needs about 35 more days.
19 Sept 2012farm in farm out agreement▲ GoodMajor
Pacific Rubiales will take 35% of four Santos Basin blocks (option on a fifth), paying US$40m cash and carrying up to US$210m of well costs. This completes the long-negotiated Brazil farmout. It is subject to ANP approval; Karoon remains operator through the three-well campaign.
