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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Feb 2024annual report● Neutral
Transition-year annual report for the six months to 31 December 2023. It repeats the results already released: 5.5 MMboe production, underlying profit US$144.7m, and the Who Dat acquisition. Peter Botten signs as Chairman. No new substance in the visible text.
29 Feb 2024half year report● Neutral
Appendix 4E for the six months to 31 December 2023: revenue US$412.9m, statutory profit US$122.5m, underlying profit US$144.7m. No dividend was declared. Net tangible assets per share are US$1.02.
29 Feb 2024half year report▲ GoodMajor
Record six-month underlying profit of US$144.7m (up 129% on the prior six months); statutory profit US$122.5m. Unit costs fell 23% to US$11.09/boe. Cash is US$170.4m with US$274.1m debt drawn (gearing 10%). Neon Concept Select decision due next month; guidance unchanged.
2 Feb 2024investor presentation● Neutral
Presentation for the Foster Stockbroking Brazil Resources Conference, with a cover letter. The visible text is disclaimers only; no new information is shown and the rest was truncated.
29 Jan 2024quarterly activities report● Neutral
December quarter output was 2.62 MMboe, down 8%, with the Who Dat contribution only 11 days. Revenue was US$209.0m. Karoon won two Santos Basin blocks and signed a carbon credit purchase; 2024 capex guidance rose US$10m to US$50-57m. Two Who Dat wells are due in February.
23 Jan 2024production update▼ BadMajor
Guidance cut: Baúna 2024 output now 7.2-9.0 MMbbl (was 8.0-10.0), after hydrates blocked well SPS-88. A US$5-10m well intervention is assumed in Q4 2024. Total 2024 output 11.2-13.5 MMboe; unit costs US$10.5-15.0/boe. Reserves are not expected to be affected.
18 Jan 2024investor presentation● Neutral
Presentation for a Shaw and Partners network briefing, with a cover letter. The visible text is disclaimers only; no new information is shown and the rest was truncated.
22 Dec 2023asset acquisition disposition▲ GoodMajor
Karoon completed the Who Dat acquisition on 21 December, paying US$684m at closing (US$720m price less US$36m deposit). Funded by a US$274m draw on a new US$340m debt facility, US$312m of equity and cash. It has received the economic benefit since 1 October 2023.
14 Dec 2023other● Neutral
Text not readable. Only bullet characters appear; the title suggests a successful bid for blocks in the Santos Basin (Brazil), but no details are given.
11 Dec 2023capital raising announcement● NeutralMajor
Retail entitlement offer closed with about 22% take-up, raising roughly A$94m including sub-underwriters' shares. About 36m unwanted shares (~A$74m) go to sub-underwriters. Total raising is about A$480m at A$2.05, completing the fully underwritten funding for the Who Dat acquisition.
27 Nov 2023investor presentation● Neutral
Presentation for a Macquarie UK roadshow, with a cover letter. The visible text is disclaimers only, noting guidance for calendar 2024 is uncertain. No new information is shown; the rest was truncated.
23 Nov 2023capital raising announcement● Neutral
Sample letter telling ineligible retail shareholders they cannot join the retail entitlement offer at A$2.05. Administrative notice with no new information.
23 Nov 2023other● Neutral
2023 AGM address and CEO presentation. The Chairman recaps FY23 (production up 52%, net cash US$45m) and the Who Dat acquisition announced last week. Mostly repeats known facts.
23 Nov 2023agm notice● Neutral
All four AGM resolutions passed, including re-election of Luciana Rachid and Peter Botten and the remuneration report. Botten's re-election drew the largest protest, with 23% against; the others were above 98% in favour.
23 Nov 2023capital raising announcement● Neutral
The retail part of the 1 for 3.75 entitlement offer opens at A$2.05 per share to raise about A$310m overall for the entitlement offer, closing 6 December 2023. Shareholders who do not take up their entitlement are diluted. Booklet only; no new terms.
17 Nov 2023capital raising announcement● NeutralMajor
The placement and institutional entitlement offer raised about A$384m at A$2.05 per share (A$170m placement, A$214m institutional), a 14.6% discount to the last close. About 95% of institutional entitlements were taken up. The retail offer opens 23 November to complete the A$480m raising.
16 Nov 2023asset acquisition disposition▲ GoodMajor
Karoon will buy a 30% interest in the Who Dat and Dome Patrol fields in the US Gulf of Mexico from LLOG for US$720m, its entry into the region. Funding is US$171m cash, US$274m debt and a fully underwritten A$480m equity raise. It lifts CY24 production 57-63% and 2P reserves 75%.
16 Nov 2023investor presentation● Neutral
Investor presentation supporting the US Gulf of Mexico acquisition and equity raising announced the same day. The visible text is legal disclaimers only; the rest was truncated, with no new figures beyond the main release.