22 May 2006security holder rights change● Neutral
15,000,000 shares and 7,500,000 options ($0.20 exercise, expiring 30 June 2006) come out of escrow on 8 June 2006. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 May 2006resource reserve update▲ Good
Initial Gippsland 2D seismic interpretation shows ten leads, three of them being worked up for drilling, each with roughly 3 million barrels of potential recoverable oil. Karoon is seeking a rig and reports considerable interest in the Browse farm-out.
15 Mar 2006half year report● Neutral
Half-year to December 2005: revenue was $569,250, largely interest income. Karoon has lodged to take 100% of the Browse permits and plans at least a two-well commitment there by 11 February 2007. A Gippsland program of up to 3 wells, costing up to $6m, is also planned.
10 Mar 2006director officer appointment● Neutral
Scott Hosking replaces Hector Peeters as Company Secretary from 10 March 2006. A routine administrative change.
15 Feb 2006drilling progress report● Neutral
Weather and ship maintenance have pushed the remaining Browse seismic to late April–May 2006. Farm-out has moved to talks with a short list of companies. Gippsland seismic processing shows early encouraging signs of several structures.
6 Feb 2006security holder rights change● Neutral
415,000 options, exercisable at $1.25 and expiring 30 June 2006, come out of escrow on 25 February 2006. Administrative notice only.
3 Jan 2006drilling progress report▲ Good
First-stage 3D seismic over Browse Basin permits WA-314-P and WA-315-P finished on schedule and under budget; a second stage of 286 sq km 3D and 845 sq km 2D is due to start late January 2006. Karoon expects a farm-in agreement early in 2006.