21 Jan 2025other● Neutral
Karoon published its 2025 reporting calendar, including full-year results on 27 February and the AGM on 22 May. It also scheduled a Strategy Seminar for 7 February on a strategy review pending final Board approval.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Jan 2025drilling result▼ BadMajor
Who Dat West reached 7,147 m with no significant hydrocarbons and will be plugged and abandoned. This is a dry hole, so the 2024 campaign ends with two of three wells successful (Who Dat East and South). The JV now moves to development studies.
30 Dec 2024drilling spud● NeutralMajor
The Who Dat West exploration well (MC 629-1) spudded 24 December, to about 7,150 m and roughly 50 days. Karoon holds 35%. Pre-drill prospective resource is 77 MMboe gross (21.6 MMboe net), 36% chance of success. This is the third well in the 2024 campaign.
24 Dec 2024production update▲ Good
Baúna restarted late on 22 December after one failed anchor chain was repaired and regulators approved. The second chain is due to be repaired by mid-January. Production is expected to return to about 24,500 bopd. This resolves the 11 December shut-in.
17 Dec 2024production update▼ BadMajor
Baúna was shut in on 11 December after two of the FPSO's sixteen mooring anchor chains failed. Restart is expected the week of 23 December. 2024 guidance cut to 10.1-10.3 MMboe (from 10.5-10.8), with Baúna 7.2-7.4 MMbbl and Who Dat about 2.9 MMboe.
12 Nov 2024investor presentation● Neutral
Presentation for the UBS Australasia Conference investor briefings. Only the cover letter and disclaimers are readable; no new figures or announcements are visible.
31 Oct 2024investor presentation● Neutral
Presentation for a US investor day, including slides from LLOG's chief operating officer. Only the cover letter and disclaimers are readable; no new figures are visible.
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.
24 Oct 2024quarterly activities report● Neutral
September quarter production rose 25% to 2.68 MMboe as Baúna recovered, while revenue fell 32% to US$144.9m. Dividend paid and a further US$25m buyback set to 30 June 2025. 2024 production guidance narrowed to 10.5-10.8 MMboe, capex cut to US$144-156m, finance costs raised to US$40-46m.
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 2024quarterly activities report● Neutral
June quarter production fell 27% to 2.14 MMboe (NRI) on the Baúna maintenance shutdown, while revenue rose 8% to US$212.8m. SPS-88 may slip into 2025, and Who Dat South is delayed to 3Q24. A US$25m buyback and a capital returns policy were also announced.
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.
6 June 2024agm notice▼ Bad
Post-AGM letter: all resolutions passed, but the remuneration report received a 'first strike' with 26.4% of votes cast against. The Board repeats it will announce a shareholder returns framework on 25 July, applied from half-year results due 28 August.
23 May 2024agm notice● Neutral
Chairman's AGM address and CEO presentation. The chair acknowledges two production guidance downgrades at Baúna and Who Dat, says he remains comfortable with the Who Dat acquisition, and aims for improved performance in the second half of 2024. No new figures of substance.
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.
15 May 2024agm notice● Neutral
Chairman's letter ahead of the 23 May AGM: shareholders STAM and Sandon plan to vote against five items, including remuneration. The Board backs all resolutions, and says a shareholder returns framework will be announced in July 2024, with half-year results in August.