Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2011asset acquisition disposition▼ BadMajor
Karoon, as operator with 66.67% (Talisman 33.33%), applied to surrender Timor Sea permit AC/P8 immediately, as no drilling target met the joint venture's economic and chance-of-success criteria. This ends the CSEM survey work on the permit.
16 Sept 2011director officer appointment● NeutralMajor
Karoon retained Executive Chairman Robert Hosking under new employment agreements: A$500,000 base salary plus options subject to shareholder approval, and six months' notice. Company cites a planned minimum of ten wells over two years across Australia, Brazil and Peru.
8 Sept 2011contract award▲ GoodMajor
The Browse joint venture signed for the Transocean Legend rig: five firm wells plus options for three more, starting Q4 2011 with Boreas-1 in WA-315-P. ConocoPhillips funds 80% of the first US$125m in WA-315-P. Karoon says it is farming out Santos and Peru assets.
25 Aug 2011contract award▲ GoodMajor
Karoon signed the final drilling contract for the Blackford Dolphin rig to drill three wells on its wholly owned Santos Basin blocks in Brazil from the first half of 2012. This firms up the May letter of intent.
29 July 2011quarterly activities report● Neutral
June 2011 quarter: Browse environmental approval received and drilling expected Q4 2011; Blackford Dolphin letter of intent covers three Brazil wells; Maruja appraisal continues with Petrobras. Brazil wide-azimuth data will go to a potential-partner data room in Q4. Largely repeats earlier announcements.
27 July 2011farm in farm out completion▲ GoodMajor
Karoon signed final binding documents to take an extra 50% of WA-314-P from ConocoPhillips for nil cash, completing the deal agreed in November 2010 and lifting it to 90%. ConocoPhillips can buy back 10% after the well. Formal transfer still needs regulatory registration.
4 July 2011regulatory community update▲ GoodMajor
The Browse joint venture received the federal environmental approval to drill, resolving the 'Controlled Action' delay raised in January. Drilling of five to eight wells is expected to start in Q4 2011 and run 18 months to two years.
16 June 2011regulatory community update● Neutral
Karoon clarified media reports: a new Browse drilling application was lodged in May 2011, the government paused its clock to request more information, and a decision is now due 4 July 2011. Rig contracts will be finalised only after approval.
16 May 2011investor presentation● Neutral
May 2011 review: cash A$279m at 31 March plus A$46m refundable security deposit for Brazil commitments; about 221m shares at A$7.00. New items: three new Poseidon-area prospects up to 2 tcf each, Browse approval decision expected June, farmouts planned for Brazil by September and Peru by October 2011.
5 May 2011material agreement▲ Good
Karoon signed a letter of intent for the Blackford Dolphin semi-submersible rig to drill three wells on its 100%-owned Santos Basin blocks in Brazil from the first half of 2012. Final contracts are expected by end of June 2011. Targets are to be announced after seismic interpretation.
29 Apr 2011quarterly activities report● Neutral
March 2011 quarter: Maruja-2 completed (water-bearing), Peru approved Karoon's Z-38 increase to 75%, and Browse drilling is now hoped for the third quarter of 2011 pending a final regulatory decision. Brazil rigs are available from Q1 2012 for up to four wells.
31 Mar 2011drilling result▼ BadMajor
Maruja-2 appraisal (a deviated well to 2,530m and a sidetrack to 2,389m) found excellent reservoir sands but they were water-bearing at this location. The oil column in the up-dip part remains undefined. Karoon's 20% still awaits ANP approval; a view on remaining potential is promised.
10 Mar 2011half year report▼ Bad
Half-year to 31 Dec 2010 shows a loss of A$14.2m (prior year A$11.5m), driven by A$6.6m foreign currency losses and A$5.5m of costs for the Brazil subsidiary share offering, which Karoon dropped due to unfavourable markets. Confirms the A$268.2m raised in Sept-Oct 2010.
9 Mar 2011investor presentation● Neutral
March 2011 company review repeats known facts. Share count is now about 220.75m (up from 217.3m, reason not stated), market value about A$1.57bn at A$7.10, cash A$319m at 31 December.
11 Feb 2011investor presentation● Neutral
Revised February review, a re-release of the 2 February deck with the same figures: about 217.3m shares, A$1.6bn market value at A$7.35, cash A$319m. No new information.
7 Feb 2011drilling spud● Neutral
The Ocean Yorktown rig is on location to start Maruja-2, an appraisal well 4.8 km north-east of the Maruja-1 discovery. It will core the reservoir and sidetrack to test continuity. Petrobras operates; Karoon's 20% remains subject to ANP approval.
2 Feb 2011investor presentation● Neutral
February 2011 company review repeats known facts: about 217.3m shares, market value about A$1.6bn at A$7.35, cash A$319m at 31 December. Notes Maruja-1 flow of 6,142 stb/d and Maruja-2 appraisal drilling from February 2011.
2 Feb 2011other● Neutral
Revised version of the securities trading policy for directors and staff. Administrative document with no news on assets, funding or results.
31 Jan 2011quarterly activities report● Neutral
December 2010 quarter: Maruja-1 test results reported, Poseidon 3D seismic interpretation continuing, and the WA-314-P increase from 40% to 90% still awaits final documentation and approvals. Browse multi-well drilling now targeted early in the second quarter of 2011, subject to environmental approvals; Brazil own-block wells late 2011 or early 2012.
21 Jan 2011regulatory community update▼ BadMajor
Karoon clarified press reports: the government declared the Browse drilling a 'Controlled Action' needing more detailed environmental assessment, which could delay the five-to-eight well program. The joint venture has asked for reconsideration and still prepares to drill in the first or second quarter of 2011.
19 Jan 2011well test result▲ GoodMajor
Maruja-1 testing finished: Petrobras reached an equipment-constrained 6,142 barrels a day of oil, and a 24-hour stable flow of 4,675 barrels a day (38 API). Well drilled to 3,789m. Confirms the November discovery flows commercially-scale oil; Karoon's 20% still awaits ANP approval.
31 Dec 2010other● Neutral
Karoon's securities trading policy for directors and staff, covering insider trading rules and closed periods. Administrative document with no news on assets, funding or results.
3 Dec 2010investor presentation● Neutral
Revised December review, a re-release of the 2 December deck. Adds director Clarke Davey to the board listing and splits Browse interests: WA-314-P Karoon 90%/ConocoPhillips 10%, WA-315-P and WA-398-P Karoon 40%/ConocoPhillips 60%. No new results.
2 Dec 2010investor presentation● Neutral
December 2010 company review repeats known facts: about 217m shares, market value about A$1.65bn at A$7.70, Poseidon range (P50 7 tcf), Maruja oil discovery. Shows WA-314-P as Karoon 90% (subject to final contract approval). The text states cash of A$320m and A$8.8m spend next quarter.
29 Nov 2010farm in farm out agreement▲ GoodMajor
Karoon agreed to take a further 50% of Browse permit WA-314-P from ConocoPhillips for no cash, lifting its interest from 40% to 90%. Karoon sees over 10 tcf potential; the Grace prospect has 3.3 tcf. ConocoPhillips can buy back 10% after the commitment well.
19 Nov 2010capital raising announcement▼ BadMajor
Karoon dropped the Brazil IPO for now, citing unfavourable markets and weak performance of recent Brazilian oil and gas raisings. It will wait for conditions to improve. Ends the plan to list 31.9% of its South American assets, announced in June.
18 Nov 2010investor presentation● Neutral
AGM presentation repeats known facts: about 217m shares, market value about A$2bn at A$9.14, and the Poseidon range. Adds an indicative 7 tcf development model, NPV US$6.9bn, IRR 20%, at assumed US$70/bbl condensate and US$10/mmbtu LNG. Browse appraisal drilling resumes Q1 2011.
18 Nov 2010agm notice● Neutral
AGM chairman's address repeats known points: Kronos-1 flow of 26 MMscf/d, Poseidon range (P50 7 tcf), Maruja discovery and the Brazil IPO, with Browse drilling to resume in 2011. Says cash will exceed A$300m and market value is A$1.5-2bn.
17 Nov 2010other● Neutral
ASX lifted the trading suspension after the Maruja-1 announcement. Shares resume trading, ending the suspension that began 12 November.
17 Nov 2010drilling result▲ GoodMajor
Petrobras announced a light oil discovery at Maruja-1 in Brazil's Santos Basin, with reservoirs at 2,200m in 400m of water; drilling continues deeper. Karoon's first South American discovery; its 20% interest remains subject to ANP approval. Resolves the Maruja thread positively.
