Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2017farm in farm out agreement▲ GoodMajor
Karoon signed a framework agreement with Germany's DEA to evaluate and jointly bid for Brazilian offshore assets. DEA gets an exclusive option to buy up to 50% non-operated of Karoon's five Santos Basin blocks (including Echidna and Kangaroo), subject to due diligence and agreed terms.
17 Sept 2015resource reserve update● NeutralMajor
Echidna gets a first 2C contingent resource of 75 mmbbl (49 net). Kangaroo's 2C is revised to 54 mmbbl (35 net), well below the earlier net 88 mmbbl. Combined 129 mmbbl gross, 84 net, with a much tighter 1C-3C range. These are internal management estimates not agreed by partner Pacific Exploration and Production.
11 Aug 2015drilling result▼ BadMajor
Levitt-1 reached 4,929 mRT with no hydrocarbon shows; the Legendre and North Rankin reservoirs were water-bearing. It is a dry hole in WA-482-P (Karoon 50%, carried for 90% of cost, net cost within US$5m). It resolves the 110 mmbbl net exploration test; management still sees potential elsewhere in the permit.
20 July 2015drilling progress report● Neutral
Levitt-1 was drilling ahead at 2,918 mRT after setting 13-5/8" casing at 2,094 mRT. Total depth is still expected in early August; net best estimate is 110 mmbbl. No result yet.
6 July 2015drilling spud● NeutralMajor
Levitt-1 spudded on 4 July 2015 in WA-482-P, now operated by Quadrant Energy (ex-Apache). Karoon holds 50% and is carried for 90% of cost. Total depth is expected in early August; net best estimate is 110 mmbbl. This resolves the long-awaited spud.
20 Apr 2015drilling result▲ GoodMajor
Echidna-1 is confirmed as an oil discovery, with a 213 m gross oil column across Paleocene and Maastrichtian reservoirs and 39.5 degree API oil. It adds to the Kangaroo field, near Karoon's Santos Basin production-hub plans. Testing begins; second option well decision due in weeks.
13 Apr 2015drilling result▲ Good
Echidna-1 reached 2,379 mRT and mudlogs show oil in Paleocene sands, with further shows in the Maastrichtian. Wireline logging must still confirm the oil column and its size. An early positive sign after the Kangaroo West dry hole.
1 Apr 2015drilling spud● Neutral
Echidna-1, the third well of the Santos Basin campaign, spudded on 31 March 2015 in block S-M-1102 (Karoon 65%). Reservoir is expected within about 3 weeks, total depth 2,400 mRT in April. Net best estimate is 95 mmbbl, with a 43% chance of success.
20 Mar 2015drilling result▼ BadMajor
Kangaroo West-1 reached 3,170 mRT and found no hydrocarbons, blamed on lack of oil charge, the known main risk. Net cost is about US$34m. The joint venture will drill Echidna-1 (65%, best 95 mmbbl net unrisked, 43% chance) as its first option well.
16 Mar 2015drilling progress report● Neutral
Kangaroo West-1 is drilling ahead at 1,759 mRT in the 12-1/4" hole after running 20" casing. No new result. A decision on the first option well is still expected in coming weeks.
2 Mar 2015drilling spud● NeutralMajor
Kangaroo West-1, the second firm well of the Santos Basin campaign, spudded on 26 February 2015 in block S-M-1165 (Karoon 65%). The reservoir is expected in about 3 weeks and total depth in early April. A decision on the first option well is expected in coming weeks.
11 Feb 2015drilling result● NeutralMajor
The Kangaroo-2 up-dip sidetrack found 37 m gross of Paleocene oil with 39 degree API oil, but the Maastrichtian was water-bearing. It is in a separate pressure compartment, so the field is several accumulations. No gas cap was found. Resource size and recovery remain to be assessed; Kangaroo West-1 is next.
28 Jan 2015drilling result● Neutral
The Kangaroo-2 down-dip sidetrack reached 2,745 mRT. It found a 50 m gross Maastrichtian oil column with 38 degree API oil, water-wet Paleocene sands, and no oil in the deeper Campanian. An up-dip sidetrack is being prepared.
3 Dec 2014drilling progress report● Neutral
Kangaroo-2 wireline logging is complete and the test casing is being run before production testing over the coming weeks. A decision on a sidetrack and coring follows testing. Kangaroo West-1 is next with the rig. No new result.
26 Nov 2014drilling result▲ GoodMajor
Kangaroo-2 found a 250 m gross oil column (135 m net pay) across five reservoirs, with 40 degree API oil recovered. No gas cap was found, and shallower oil-water contacts in some sands are being assessed for effect on the contingent resource. Production testing follows.
19 Nov 2014drilling progress report▲ Good
Kangaroo-2 entered the target Paleocene reservoir at 1,660 mRT, with oil shows and elevated gas, consistent with Kangaroo-1. Drilling continues to total depth before logging confirms the hydrocarbon column.
14 Nov 2014drilling progress report● Neutral
Kangaroo-2 has reached 1,074 mRT, with the 13-3/8" casing cemented. Drilling resumes shortly. No new result; the 350 m-plus gross column target is unchanged.
6 Nov 2014drilling spud● NeutralMajor
Kangaroo-2 appraisal well spudded 5 November 2014 in block S-M-1165 (Karoon 65%), reaching the reservoir in about 3 weeks and total depth in December. It tests the size of the oil column at the Kangaroo discovery. Kangaroo West-1 follows.
24 Oct 2014drilling progress report▲ Good
Karoon has taken possession of the Olinda Star rig from Petrobras. It is heading to the Santos Basin, with Kangaroo-2 likely to spud in the second week of November. Resolves the rig handover awaited since the 16 October update.
16 Oct 2014drilling scheduled▲ GoodMajor
Karoon expects to start its 2-4 well Santos Basin campaign in the second week of November 2014, once the Olinda Star rig is handed over in 2-3 weeks. Kangaroo-2 appraisal comes first, then Kangaroo West-1 (net best 330 mmbbl). Karoon holds 65%.
17 July 2014drilling result▲ GoodMajor
Pharos-1, the sixth and final Browse well, hit total depth of 5,220 mRT. Logs indicate a gas-charged Montara sandstone with 53 m gross and 34 m net pay, extending the Proteus discovery. A flow test is due within weeks. Origin bears costs under its pending purchase.
27 June 2014drilling progress report● Neutral
Pharos-1 reached 4,950 mRT, with a 7-5/8 inch liner cemented at 4,949 mRT, and is preparing to drill the 6-1/2 inch section. No result yet.
16 June 2014drilling progress report● Neutral
Pharos-1 is drilling ahead at 4,570 mRT in the 8-1/2 inch section after 9-5/8 inch casing was set at 4,030 mRT. No result yet.
30 May 2014drilling progress report● Neutral
Pharos-1 has drilled to 2,330 mRT and cemented 13-3/8 inch casing at 2,316 mRT. It is preparing to drill the 12-1/4 inch section. No result yet.
22 May 2014drilling spud● Neutral
Pharos-1, the sixth and last well of the Browse campaign, spudded on 20 May 2014 in WA-398-P, about 9 km north-east of the Proteus-1 discovery. It is at 716 mRT. Shares remain suspended.
16 May 2014drilling result▼ BadMajor
Poseidon North-1 reached 5,288 mRT and interpreted a 12 m net Jurassic gas sand, but pressure data is inconclusive and mobile gas is unconfirmed. The well is being plugged and abandoned. The sixth well, Pharos-1 in WA-398-P, is approved.
16 May 2014farm in farm out agreement▲ GoodMajor
Karoon farmed out 50% of WA-482-P to Apache, which will pay US$9.04m for seismic costs, fund 90% of one well capped at US$63m, take over as operator and drill in the first half of 2015. This is the first completed farm-out in the process under way since late 2013.
30 Apr 2014resource reserve update▲ GoodMajor
Independent certification by DeGolyer and MacNaughton gives Karoon net unrisked prospective resource, best case, of 4.5 Tcf wet gas (Browse) and 4.2 bn bbl oil (WA-482-P, Peru Z-38 and Block 144). WA-482-P drilling is planned for 2015 and Peru Z-38 drilling to start in 2015.
17 Apr 2014drilling progress report● Neutral
Poseidon North-1 is at 3,820 mRT after drilling 1,361 m of the 12-1/4 inch section, and is preparing to run 9-5/8 inch casing. No result yet.
4 Apr 2014drilling progress report● Neutral
Poseidon North-1 has drilled the 17-1/2 inch section to 2,459 m and cemented 13-3/8 inch casing. The rig is installing the blowout preventer before drilling on. No result yet.
