3 Dec 2009drilling progress report● Neutral
Poseidon-2 reached 5,123 mRT, having cored the Plover target from 5,061 to 5,123 mRT. Reservoirs will be assessed once all logs are in at final depth. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Nov 2009drilling progress report● Neutral
Poseidon-2 set its 7 inch liner at 4,700 mRT and cored the secondary Montara sands at 4,729-4,741 mRT. The company says there is insufficient information to judge them. Drilling will then continue to the main Plover target.
19 Nov 2009drilling progress report● Neutral
Poseidon-2 ran pressure tests in the interbedded sands below 4,600 mRT and was preparing to run a 7 inch liner. The company says hydrocarbon potential can only be judged once all data is collected. No result yet.
12 Nov 2009contract award● Neutral
Karoon contracted WesternGeco's Western Patriot to shoot a Wide Azimuth 3D seismic survey over its 730 sq km Santos Basin blocks, starting January 2010. Karoon holds 100% of the blocks. This firms up the previously planned Brazil seismic.
12 Nov 2009drilling progress report● Neutral
Poseidon-2 reached 4,724 mRT and met thin interbedded sands at 4,710-4,713 mRT, shallower than the Plover reservoir seen in Poseidon-1. The company says no material conclusions can be drawn yet. Mud losses were being managed.
12 Nov 2009other● Neutral
AGM chairman's address restates the Poseidon-1 range (3, 7 and 15 tcf), the Brazil and Peru prospects and cash strength, with market value down to A$1.33bn from a July peak near A$2bn. It says the market awaits the Poseidon-2 result. No new information.
12 Nov 2009investor presentation● Neutral
AGM presentation repeats known facts: about 177m shares, A$1.33bn market value at A$7.50, and Poseidon-1 range of 3, 7 and 15 tcf. Cash is stated at A$221m, down from about A$240m in the October review.
5 Nov 2009drilling progress report● Neutral
Poseidon-2 had 9-5/8 inch casing cemented at 4,098 mRT and an 8-1/2 inch drilling string was being run. Planned depth remains about 5,300 mRT. No geological result yet.
29 Oct 2009drilling progress report● Neutral
Poseidon-2 was drilling ahead at 3,866 mRT, having drilled deeper from 2,937 mRT a week earlier, toward a planned depth of about 5,300 mRT. No geological result was reported.
29 Oct 2009farm in farm out agreement▲ GoodMajor
Karoon secured a further 15% of Peru Block Z-38, on top of the 40% option exercised in August, giving 75% post farm-in once work commitments and approvals are complete. It will fund the third-period work, including two wells, with drilling expected late 2010 or early 2011.
22 Oct 2009drilling progress report● Neutral
Poseidon-2 is drilling at 2,937 mRT after surface casing was cemented at 2,422 mRT. Planned depth is about 5,300 mRT. No geological result yet.
15 Oct 2009drilling progress report● Neutral
Poseidon-2 drilled from 1,474 to 2,429 mRT, and surface casing was being prepared. Planned depth is about 5,300 mRT. No geological result yet.
12 Oct 2009drilling spud● NeutralMajor
Poseidon-2 appraisal well spudded on 10 October in WA-398-P, where Karoon holds 40%. It tests reservoirs down-dip from Poseidon-1, to a planned depth of about 5,300 mRT, and is drilling at 1,474 mRT.
8 Oct 2009drilling progress report● Neutral
Kontiki-1 plugging and abandonment is complete and the rig was released on 8 October. It is heading to the Poseidon-2 location in WA-398-P, closing out the well.
2 Oct 2009investor presentation● Neutral
October review repeats known facts but now reports the Kontiki-1 result: 40m of gas-bearing sands with poor reservoir quality. Market cap is about A$1.3bn at A$7.50, down from A$1.9bn at A$11.00 in September, with cash A$240m.
30 Sept 2009drilling scheduled● NeutralMajor
The Browse program expands to at least four wells: Poseidon-2 appraisal, then Lion-1 (under 10% chance of success) and Kronos-1. A 3D seismic survey over 2,000 sq km was awarded to CGGVeritas, starting October. Karoon keeps its 3/7/15 tcf Poseidon range.
28 Sept 2009drilling result▼ BadMajor
Kontiki-1 reached 4,600 mRT with no further sands. Data show some gas in poor-quality reservoir sands, and the well will be plugged and abandoned. The rig moves to Poseidon-2. This is a disappointing result after Poseidon-1, against Karoon's 7 tcf P50 prospective estimate.
24 Sept 2009drilling progress report● Neutral
Kontiki-1 is at 4,490 mRT in the Plover Formation, with about 40m gross of interbedded sands with complex lithologies over about 460m. Logs are incomplete and cannot yet show whether they hold hydrocarbons. This is a cautious first hint, not a discovery.
17 Sept 2009annual report● Neutral
2008/09 annual report covers the Poseidon-1 discovery (contingent resource 3 to 15 tcf, mid-case 7 tcf), cash of A$228m at 30 June 2009 and A$205m raised in the year. AGM is set for 12 November 2009. Largely repeats known facts.
16 Sept 2009drilling progress report● Neutral
Kontiki-1 reached 4,169 mRT and a 7 inch liner was being run, nearing the planned 4,610 mRT. No geological result yet.
11 Sept 2009drilling progress report● Neutral
Kontiki-1 is at 3,527 mRT after 9-5/8 inch casing was run and cemented, with a new drilling assembly going in. No geological result yet.
4 Sept 2009drilling progress report● Neutral
Kontiki-1 is drilling at 3,406 mRT after an 11-3/4 inch liner was run and cemented. No geological result yet.
2 Sept 2009investor presentation● Neutral
September review repeats known facts: Poseidon-1 contingent resource P90 3, P50 7, P10 15 tcf, about 177m shares, cash A$240m, market cap about A$1.9bn at A$11.00. Kontiki-1 is shown with a 7 tcf P50 prospective resource, Karoon's own estimate.
2 Sept 2009contract award▲ GoodMajor
Karoon and ConocoPhillips exercised the option for two more wells on the Legend rig, making the firm program four wells including Kontiki-1. A further four wells are available by mutual agreement. This extends the Browse drilling campaign.
2 Sept 2009admin correction● Neutral
Amended re-release of the 25 August rig option announcement, dated 2 September. It still says two more wells are exercised, for four firm wells, with four further options by mutual agreement. Only wording on the options changed.
27 Aug 2009drilling progress report● Neutral
Kontiki-1 is at 3,237 mRT, preparing to resume drilling after a bit change. No geological result yet.
20 Aug 2009drilling progress report● Neutral
Kontiki-1 is drilling ahead at 3,066 mRT after blowout-prevention equipment was installed and tested. Planned depth remains 4,610 mRT. No geological result yet.
13 Aug 2009drilling progress report● Neutral
Kontiki-1 reached 2,883 mRT; 13-3/8 inch surface casing was run and cemented and blowout-prevention equipment was being run. No geological result yet.
6 Aug 2009drilling progress report● Neutral
Kontiki-1 is drilling ahead at 2,496 mRT toward a planned 4,610 mRT, targeting Middle and Upper Jurassic sandstones. Poseidon-2 follows on the same rig. No geological result yet.
30 July 2009drilling progress report● Neutral
Kontiki-1 is drilling ahead at 1,932 mRT in 17-1/2 inch hole, towards a planned 4,610 mRT. No geological result yet.