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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2009quarterly activities report● Neutral
September quarter report restates Poseidon-2 spudded 10 October, Kontiki-1 abandoned, and Karoon now holding 60% of Peru Z-38 (75% after farm-in). It notes the Poseidon 3D survey of about 2,800 sq km started 11 October. Largely repeats known facts.
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.
31 July 2009quarterly activities report● Neutral
June quarter report recaps the Poseidon-1 gas discovery, the A$150m placement, A$23.5m share purchase plan and Legend rig contract. Kontiki-1, spudded 22 July, is reported at 2,300 mRT on 30 July. Planning for Brazil and Peru 3D seismic has begun.
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.
27 July 2009capital raising announcement▲ Good
The share purchase plan closed having raised A$23.55m at A$6.70 per share, with shares allotted on 24 July. Together with the A$149.6m placement, this adds to Karoon's cash.
23 July 2009drilling spud● NeutralMajor
Kontiki-1 was spudded on 22 July in WA-314-P, the second well of the Browse program, with a planned depth of 4,610 mRT. It targets Jurassic sandstones in a structure separate from Poseidon and will be plugged and abandoned after evaluation.
23 July 2009price query● Neutral
ASX queried a share price jump from $10.82 to a high of $12.00. Karoon said it knew of no undisclosed information beyond the Kon-Tiki-1 spud on 22 July, announced separately, and confirmed it is complying with listing rules.
13 July 2009price query● Neutral
ASX queried a price rise from $8.48 to $9.10 after the chairman called Browse finds "very bullish". Karoon said it knows of no undisclosed news and has not changed its P50 7 tcf estimate. The Legend rig is due to start Kon-Tiki-1 around 20 July.
3 July 2009capital raising announcement● Neutral
The share purchase plan is widened to holders who bought shares up to 4 June and were registered by 10 June, and the closing date is extended to 17 July. The A$6.70 price is unchanged.