Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2024director officer appointment● Neutral
Non-executive director Clark Davey, on the board for 14 years and Audit Committee chair, retired with immediate effect on 31 October. Joanne Palmer, elected at this year's AGM, takes over as Audit, Risk & Governance Committee chair.
30 Oct 2024resource reserve update▲ GoodMajor
Who Dat East 2C contingent resource net to Karoon rose 191% from 5.4 to 15.7 MMboe after the appraisal well. Karoon now sees close to 50 MMboe gross at 2C and the JV is studying development concepts. This delivers the update flagged after the well.
29 Oct 2024drilling result▲ GoodMajor
Who Dat South reached 7,014 m and found hydrocarbon zones with preliminary net pay of 98 m measured depth (67 m true vertical), versus a ~40 m pre-drill prognosis. It is the second success after Who Dat East; the well will be suspended as a potential producer. Who Dat West is next.
28 Oct 2024investor presentation● Neutral
Presentation for an investor day in Brazil. Only the cover letter and disclaimers are readable; no new figures or announcements are visible.
30 Sept 2024production update▲ Good
Who Dat production restarted 27 September after the Hurricane Helene precaution, which missed the facility, and Who Dat South drilling resumed. Ramp-up to prior levels is expected to take several days. This resolves the 25 September shut-in.
25 Sept 2024production update▼ Bad
Who Dat was shut in again as a precaution ahead of Hurricane Helene, with Who Dat South drilling suspended. The shut-in is expected to last three to five days. This is the second hurricane stoppage this month.
16 Sept 2024production update▲ Good
Who Dat resumed production from 12 September after the Hurricane Francine precautionary shut-in, with full ramp-up taking several days. Drilling at Who Dat South has resumed. This resolves the shut-in announced on 11 September.
16 Sept 2024admin correction● Neutral
Re-release of the 9 September Who Dat South spud announcement to add the required ASX Listing Rule 5.28 cautionary statement on prospective resources and update the well-path map. No new results or figures.
11 Sept 2024production update▼ Bad
Operator LLOG shut in all Who Dat wells and evacuated the platform ahead of Hurricane Francine, expected to last about a week. Who Dat South drilling is suspended. Restart timing depends on damage inspection.
9 Sept 2024drilling spud● NeutralMajor
Who Dat South well (MC 545-1) spudded 5 September, targeting two Miocene reservoirs to about 7,500 m, taking 50-60 days. Karoon holds 30%; pre-drill prospective resource is 31 MMboe gross (7.6 MMboe net), 52% chance of success. This follows the earlier delay to 3Q24.
28 Aug 2024half year report● Neutral
Half-year financial report to 30 June 2024: production 5.08 MMboe, unit production costs US$13.51/boe versus US$11.09 in the transition year, operating cash flow US$224.3m, net assets US$977.4m. Full detail of the figures in the Appendix 4D announced the same day.
28 Aug 2024investor presentation● Neutral
Slides accompanying the half-year results; the readable text is mostly chart labels and numbers (capex ranges, production bars) with no explanatory text. Nothing new beyond the results announcement itself.
28 Aug 2024dividend declaration▲ GoodMajor
Half-year to 30 June 2024: revenue US$409.4m, statutory profit US$61.8m (down 50%), underlying profit US$115.8m. Karoon declares its first interim dividend, 4.496 Australian cents per share, fully franked, paid 21 October 2024. This follows the new capital returns policy.
28 Aug 2024half year report● NeutralMajor
1H24 results: underlying profit US$115.8m (down 20%) on weaker Baúna output; first dividend of 4.496 Australian cents (21% payout) and US$25m buyback started 12 August. SPS-88 intervention deferred to 1H25, so 2024 capex guidance is now US$150-177m with Who Dat West approved.
25 July 2024capital raising announcement▲ GoodMajor
Karoon adopts a capital returns policy of 20-40% of underlying NPAT via dividends and/or buybacks, applied from the 1H24 results. It also launches a US$25m on-market buyback running to 31 December 2024. This resolves the long-open shareholder returns question.
25 June 2024drilling result● NeutralMajor
Who Dat East reached 7,670 m, finding no significant extra hydrocarbons beyond 45 m total net pay, and is being suspended as a possible producer. Resource update is due late 2024/early 2025. Baúna restarted 11 June after maintenance; SPS-88 still targets 3Q24.
11 June 2024drilling progress report▲ Good
Who Dat East well, at 6,614 m, shows 44 m of net gas-condensate pay in good-quality sands, as prognosed. Drilling continues to a planned 7,900 m. Resource impact awaits final results; the well will be suspended as a possible future producer.
16 May 2024director officer appointment▲ Good
Marco Brummelhuis, a long-time Shell executive with over 20 years in South America, is appointed Brazil country manager from 1 July 2024. He fills the role left open by Antonio Guimarães's departure and reports to the CEO.
9 May 2024investor presentation● Neutral
Slide deck for the CEO's Macquarie Australia Conference talk. The visible text is only the cover letter and disclaimers; no new figures or announcements are visible in the readable portion.
8 May 2024debt financing▼ BadMajor
Karoon priced US$350m of second-priority senior secured notes at a 10.5% coupon, maturing May 2029, below the US$400m first proposed. Proceeds repay the reserve-based lending facility. 2024 finance cost guidance rises to US$36-44m from US$27-31m.
30 Apr 2024drilling spud● NeutralMajor
The Who Dat East well (Karoon 40%) began drilling on 27-28 April 2024 in about 1,300 m of water, to appraise a 2001 gas/condensate discovery. It takes 55-60 days and costs US$50-56m net. Net 2C resources are 5.4 MMboe, with a 62% chance of success.
23 Apr 2024debt financing● Neutral
S&P Global and Fitch each assigned Karoon a corporate credit rating of 'B' with a stable outlook. The ratings were obtained for the proposed US$400m notes offering.
23 Apr 2024debt financing● Neutral
Karoon released the supplemental disclosure document given to prospective investors in the proposed US$400m notes offering. Visible text is a contents page and disclaimers; the substantive sections are truncated or omitted, so no new figures are shown.
23 Apr 2024debt financing● NeutralMajor
Karoon proposes to offer US$400m of second-priority senior secured notes through a US subsidiary. Proceeds would mainly repay drawn amounts on the reserve-based lending facility (US$274.1m drawn at December), with the rest for general corporate purposes.
19 Apr 2024director officer appointment● Neutral
Melissa Holzberger (energy lawyer) and Joanne Palmer (former audit partner) join the board as independent non-executive directors from 19 April 2024. Peter Turnbull and Tadeu Fraga will stand for re-election at the 23 May 2024 AGM.
19 Apr 2024quarterly activities report▼ BadMajor
March quarter output was 3.11 MMboe, up 18% on a full quarter of Who Dat. But 2024 production guidance is cut to 10.5-12.5 MMboe (from 11.2-13.5) on weaker Who Dat wells and gas curtailment. SPS-88 restart is now expected in Q3 2024, earlier than planned. Neon moves to Concept Select.
3 Apr 2024drilling scheduled● NeutralMajor
Joint ventures approved two Gulf of Mexico wells, Who Dat East (Karoon 40%) and Who Dat South (30%), costing US$67-77m net to Karoon. 2024 committed capex rises to US$117-134m from US$50-57m. Who Dat East is due to spud in April.
29 Feb 2024admin correction● Neutral
Appendix 4G governance checklist for the year ended 31 December 2023, pointing to the corporate governance statement on the company website. Administrative filing with no new business information.
29 Feb 2024annual report● Neutral
Corporate governance statement for the transition year, approved by the board on 28 February 2024. It says the company complies with the ASX governance recommendations (4th edition). No new business information.
29 Feb 2024annual report● Neutral
Sustainability report for the six-month transition year: no recordable injuries, emissions intensity 10.9 kgCO2e/boe, and a five-year Hiwi REDD+ carbon credit deal. Safety and emissions figures exclude the new US Who Dat assets. Net zero Scope 1 and 2 target of 2035 unchanged.
