Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2012annual report● Neutral
2012 annual report restates known points: Boreas-1 reached its reservoir after blowout preventer repairs finished in August, Brazil farm-out talks continue, Peru drilling is planned for 2013, and the WA-314-P farm-out is targeted for early 2013. Text is truncated, so financials are not visible.
6 Sept 2012drilling result▲ GoodMajor
Boreas-1 intersected its primary reservoir target, with drilling signs pointing to a potential gas-bearing sand. Coring is starting; wireline logging will follow, and production testing only if the logs confirm hydrocarbons. This ends the long wait after the earlier equipment delays, but flow is unproven.
31 Aug 2012drilling progress report● Neutral
Boreas-1's 8-1/2 inch hole was drilled to 4805 m and a 7-5/8 inch liner was cemented. The 6-1/2 inch section was about to start. No hydrocarbon result reported yet.
17 Aug 2012drilling progress report▲ Good
Blowout preventer testing finally passed and the casing was pressure tested; Boreas-1 was drilling out cement, with the 8-1/2 inch section starting that day. This resolves the repair delay, and the well resumes toward its target.
31 July 2012drilling progress report▼ Bad
After further repairs, Boreas-1's blowout preventer and marine riser were re-run to the sea floor, but function testing failed again and troubleshooting continued. Drilling of the 8-1/2 inch section was still waiting on a fully functional blowout preventer.
31 July 2012quarterly activities report▼ Bad
June 2012 quarter: Boreas-1 stalled at 4,009 m awaiting blowout preventer repair. Brazil's Blackford Dolphin campaign has slipped to Q4 2012, from Q3. Peru wells are targeted for 2013; farmout interest continues but no deal is announced.
27 July 2012price query▼ Bad
ASX queried a fall from A$3.64 to a low of A$3.12 on 26 July. Karoon said it knew of no unannounced information and no other explanation, and confirmed compliance with listing rules. Price is well below the A$5.43 of earlier in 2012.
13 July 2012drilling progress report▼ Bad
Testing has narrowed the likely cause of the Boreas-1 blowout preventer fault, and replacement parts are being sent to the rig. The blowout preventers are again being pulled; drilling has not resumed.
2 July 2012drilling progress report▼ Bad
A new, unrelated mechanical problem with the Boreas-1 blowout preventers forced them to be pulled again for repair. Drilling remains stalled at 4009 m.
28 June 2012drilling progress report● Neutral
After further repairs, the Boreas-1 blowout preventers were re-run to the sea floor for final testing, with drilling expected to resume later that day. Transocean has brought in a global expert team.
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.
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.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarter: Boreas-1 was drilling at 3165 m on 30 April; Zephyros-1 and Proteus-1 approved by the joint venture. Brazil's three-well Blackford Dolphin campaign is now expected Q3 2012. Farmout talks for Brazil and Peru continue with data rooms open; no deal yet.
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.
31 Jan 2012quarterly activities report● Neutral
December 2011 quarter: Browse drilling expected February 2012. Brazil drilling is now targeted for Q2/Q3 2012, and farmout negotiations continue. Karoon says it does not expect problems with ANP approval for the Maruja block interest; a Maruja production plan is due in 2012.
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.
31 Oct 2011quarterly activities report● Neutral
September 2011 quarter: Browse drilling now expected late 2011/early 2012, a slip from Q4. WA-314-P rise to 90% awaits regulatory approval. AC/P8 surrender applied for, and Brazil farmout preparations began. Mostly repeats earlier announcements.
26 Oct 2011agm notice● Neutral
AGM address: Browse drilling now 'later this year or early next' as the rig is under maintenance. Chairman calls the withdrawn Brazilian IPO a case of being 'better off without', citing poor market conditions. Farmouts of Peru and Brazil assets and an independent resource audit are expected.
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.
