Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 June 2010drilling progress report● Neutral
Kronos-1 drilling and testing are complete and the Transocean Legend rig has been released, ending the 2009/10 drilling campaign. Poseidon data and 3D seismic will be analysed, with further wells targeted for early 2011.
1 June 2010investor presentation● Neutral
June 2010 investor presentation repeats the Kronos-1 result and Poseidon resource range (P50 7 tcf). Cites market capitalisation of about A$1.4bn at A$7.90 and cash of about A$90m. No new announcements.
27 May 2010well test result▲ GoodMajor
Kronos-1 testing finished, confirming an equipment-constrained 26 MMscf/d, with condensate-gas ratio 9.5 bbl/MMscf and 10% CO2. Karoon believes adjacent production wells could flow above 100 MMscf/d. This resolves the pending Kronos-1 result; resource revision still awaits independent assessment.
19 May 2010flow test result▲ GoodMajor
Kronos-1 flowed gas at a maximum 26 MMscf/d during clean-up, limited by surface equipment. Pressure data indicates a separate gas accumulation from Poseidon-1, with a gas-water contact potentially over 200m deeper. The campaign ends with this well; drilling resumes in Q1 2011.
6 May 2010drilling progress report▲ Good
Kronos-1 reached a total depth of 5,329 mRT. Logs and pressure data indicate net pay gas sands with good reservoir properties and a gas gradient. A production test of up to 20 days will follow; Karoon holds 40%.
30 Apr 2010drilling progress report● Neutral
Kronos-1 cored 5,018-5,055 mRT and was drilling ahead at 5,249 mRT, nearing planned depth of 5,322 mRT. Logging and evaluation will take about 20 more days. No result yet.
19 Apr 2010drilling progress report▲ Good
Kronos-1 hit a sand-prone interval at 4,998 mRT with increased background gas; at 5,018 mRT drilling paused for coring. Evaluation will take about 30 days, plus about 20 days if tested. Weekly reporting ceases.
15 Apr 2010drilling progress report● Neutral
Kronos-1 reached 4,779 mRT, and 7 inch liner was run and cemented. No result yet.
8 Apr 2010drilling progress report● Neutral
Kronos-1 was drilling ahead at 4,748 mRT after casing was cemented. No result yet.
1 Apr 2010drilling progress report● Neutral
Kronos-1 reached 4,097 mRT and 9-5/8 inch intermediate casing was being installed. No result yet.
25 Mar 2010drilling progress report● Neutral
Kronos-1 was drilling ahead at 3,450 mRT. No result yet.
18 Mar 2010drilling progress report● Neutral
Kronos-1 was drilling ahead at 3,034 mRT. No result yet.
11 Mar 2010drilling progress report● Neutral
Kronos-1 was drilled to 2,663 mRT and 13-3/8 inch surface casing was installed; the riser and BOP were being fitted. No result yet.
4 Mar 2010drilling progress report● Neutral
Kronos-1 was drilling at 2,086 mRT in 17-1/2 inch hole. No result yet.
2 Mar 2010half year report▼ Bad
Half-year to 31 Dec 2009 showed a loss of A$11.5m versus a A$17.0m profit a year earlier, mainly from A$9.5m unrealised currency losses on US dollar cash. Operations repeat known items.
23 Feb 2010drilling spud● NeutralMajor
Kronos-1 was spudded on 19 Feb 2010 on the Transocean Legend, 15 km from Poseidon-1, with planned depth 5,322 mRT. It targets Plover reservoirs high on the structure to define possible production rates. Karoon holds 40%, ConocoPhillips operates.
16 Feb 2010regulatory community update● Neutral
Wide Azimuth 3D seismic over Karoon's 100%-held Santos Basin blocks began 10 Feb 2010, as planned. Peru Z-38 3D seismic is 85% complete, to guide drilling in 2011. Karoon holds 60% of Z-38 and has agreed up to 75%.
11 Feb 2010investor presentation● Neutral
February company presentation restating the portfolio: market cap about A$1.0bn at A$6.00, cash A$174m, 177m shares, and Poseidon-1 contingent resource P50 7 tcf. No new results; the share price is down from about A$7.50 in November.
3 Feb 2010well test result▼ BadMajor
Poseidon-2's Plover B retest flowed gas at only 850 scf/d, and the Montara test likely never connected to the reservoir. Karoon says higher rates are achievable and the 7 tcf P50 estimate is unlikely to change materially. The well will be plugged; Kronos-1 is next.
28 Jan 2010drilling progress report● Neutral
The Poseidon-2 Plover reservoir was perforated and communication with the reservoir has been established, so the retest is under way. Results will be released when available.
21 Jan 2010drilling progress report● Neutral
The Poseidon-2 test string was retrieved and the hole cleaned out. The rig was partly de-manned waiting on weather before the Plover retest. No new result.
19 Jan 2010well test result▼ BadMajor
The first Poseidon-2 Plover test most likely failed, with no connection between the well and the reservoir. A retest of 5,035-5,100 mRT is planned; core permeability suggests the reservoir should flow gas. Two further Legend rig options are unavailable, so Kronos-1 then Lion-1 will be drilled and a higher-capacity rig sourced.
14 Jan 2010well test result● Neutral
Production testing began on the Plover interval at 5,035-5,100 m, but initial shut-in and build-up periods were inconclusive. The test continues.
7 Jan 2010drilling progress report● Neutral
Poseidon-2's 4-1/2 inch production liner was cemented at 5,350 m and the mud replaced with brine. Crews were preparing the drill stem test tools. No test result yet.
30 Dec 2009drilling progress report● Neutral
Poseidon-2 was completing wireline logging after the cyclone evacuation. A 4-1/2 inch production liner will then be run for production testing, with results expected over the next few weeks.
23 Dec 2009drilling result▲ GoodMajor
Poseidon-2 found about 20m gross of hydrocarbon-bearing Montara reservoir and a thicker Plover section with all three Poseidon-1 reservoir intervals, about 60m cored. Hydrocarbons are indicated above the gas-water contact but unconfirmed until wireline logs are run. The 3D survey is about 55% done.
15 Dec 2009drilling progress report● Neutral
Cyclone Lawrence forced non-essential staff off the Poseidon-2 rig on 12 December and paused both drilling and the Poseidon 3D seismic survey. Poseidon-2 is at 5,356 mRT with wireline logs still to be run.
10 Dec 2009drilling progress report● Neutral
Poseidon-2 reached its total depth of 5,356 mRT, slightly beyond the planned 5,300 mRT, and was running wireline logs. Reservoirs will be assessed when the full data set is available. No result yet.
10 Dec 2009resource reserve update▲ GoodMajor
DeGolyer and MacNaughton certified Karoon's net high-case contingent resources at 7.6 tcf (1.27bn boe) and risked net mean prospective resources at 900m boe. This compares with 1.23bn boe prospective in September 2008. Poseidon-2 results are not included.
9 Dec 2009farm in farm out completion● NeutralMajor
ConocoPhillips exercised its option for another 9% of WA-314-P and WA-315-P, lifting it to 60% and cutting Karoon to 40%. ConocoPhillips will pay 80% of the next US$125m of joint venture spending in those permits. This completes the option noted earlier.
