Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2006drilling scheduled▲ Good
Drilling contract with Century Drilling signed for the three-well onshore Gippsland program, starting mid-November 2006, with rig mobilisation begun. Three prospects of about 3 million barrels each are ready; minimum economic size is 500,000 barrels. Follows the 2004 Megascolides-1 oil shows.
31 Oct 2006capital raising announcement▲ GoodMajor
Karoon places 12.186 million shares at $1.80 to institutional and sophisticated investors, raising $21.935m, with much of it from the UK. Funds go to its share of the two Browse wells, extended Gippsland drilling and working capital, so more shares are on issue.
What it means for a shareholder
12.2m new shares at A$1.80 to raise about A$21.9m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (556 at the issue price), your slice goes from 0.000684% to 0.000595% of the company. To keep it you'd need 83 more shares - about A$149 at the issue price.
Create a free account to see this worked out for your own holding.
30 Oct 2006agm notice● Neutral
The annual general meeting venue moves to the Rialto Hotel on Collins, Melbourne, because the RACV Club is being renovated. Registration is 10.45am and the meeting starts at 11am. Administrative only.
26 Oct 2006quarterly activities report● Neutral
September 2006 quarter: the ConocoPhillips farm-out of up to 60% of Browse is confirmed, and the final 3D seismic finished 3 August, completing Year 2 commitments. Cash was A$11.5m at quarter end (from A$15.7m); Gippsland's three-well program is due to start in November 2006.
9 Oct 2006farm in farm out agreement▲ GoodMajor
Karoon farms out up to 60% of Browse permits WA-314-P and WA-315-P to ConocoPhillips: 51% for US$9.6m reimbursement plus 80% of the third-year program, with one well per permit estimated at US$60–80m. ConocoPhillips can earn a further 9% by funding 80% of the next US$125m. This resolves the long-running farm-out search.
6 Oct 2006annual report● Neutral
2006 annual report: Karoon raised A$18.25m during the year and estimates risked Browse potential at 15–30 tcf of gas and 300 million barrels of condensate. Up to 3 Gippsland wells are planned. Several potential Browse partners are reported to be doing due diligence.
3 Oct 2006farm in farm out agreement▲ Good
Karoon says it is finalising Browse farm-in arrangements for WA-314-P and WA-315-P with interested parties, and expects a board decision to be announced shortly. No terms are given yet.
28 Sept 2006annual report● Neutral
Full-year financial report to 30 June 2006, covering the Gippsland permits and the Browse permits acquired during the year. The excerpt shows no new operational results; the board is Hosking, Smith, Atkins and Power.
17 Aug 2006admin correction● Neutral
Share registry stays with Computershare but moves to its Abbotsford, Victoria office from 1 September 2006. Administrative only.
3 Aug 2006drilling progress report▲ Good
The last Browse 3D survey finished under budget, completing and exceeding the Year 2 commitments. Early interpretation confirms the Updip Buffon and A Lead sizes. Data rooms for farm-out are booked to end August. A letter of intent was signed with Century Drilling for Rig 11 for a November 2006 Gippsland start, and Lino Barro joins as Engineering Manager.
31 July 2006quarterly activities report● Neutral
June 2006 quarter: the final 286 sq km Browse 3D survey started 18 July 2006. Cash rose to A$15.7m, and A$4m of exploration spending is expected next quarter. Browse farm-out is still unresolved, and Gippsland drilling of two prospects is aimed for late Q4 2006.
21 June 2006resource reserve update▲ Good
Gippsland update: 10 leads identified, four of them worked up for drilling, each estimated at 2.5–3.5 million barrels. Karoon says a 3 million barrel field could be worth about A$25/barrel NPV, and a drilling program is expected to start in Q1 2007, using Upstream Petroleum to secure a rig. Browse 3D is due mid-July.
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.
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.
24 Apr 2006quarterly activities report● Neutral
March 2006 quarter: Karoon now holds 100% of Browse permits WA-314-P and WA-315-P, the 845 km 2D survey is done, and the final 3D is delayed to June. Cash fell to A$14.6m. Farm-out and Gippsland rig sourcing continue.
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.
31 Jan 2006quarterly activities report● Neutral
December 2005 quarter: Karoon is earning 100% of Browse permits WA-314-P and WA-315-P and holds 100% of Gippsland permits PEP162 and EL4537. Cash was A$24.2m at quarter end, with A$6m of exploration spending expected next quarter. Farm-out talks continue.
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.
