Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2013farm in farm out agreement▲ GoodMajor
Pacific Rubiales exercised its option for a 35% interest in Santos Basin block S-M-1166 (Bilby). It will fund the first US$70m of Bilby-1 costs, then 35% thereafter, taking its total well carry to US$210m. Still subject to ANP approval.
25 Mar 2013drilling result▼ BadMajor
Emu-1 reached 4381 m and found good reservoirs, but the main ones are water-bearing at this location, with only possible thin hydrocarbon sands. This is a disappointment after the Kangaroo-1 oil find. A discovery notification is being filed with ANP, and Bilby-1 is next.
25 Mar 2013drilling spud● Neutral
Proteus-1, the third well of the Browse campaign, spudded on 25 March 2013 in WA-398-P, about 14 km southeast of Poseidon-1. Karoon holds 40% and ConocoPhillips operates. The campaign is at least five wells through 2013.
13 Mar 2013drilling result▲ GoodMajor
Zephyros-1 reached 5372 m and found gas-bearing Plover sands similar to Kronos-1, with good quality and high mobility. The joint venture will not run a production test, as the results resemble Kronos-1. The rig moves to Proteus-1.
6 Mar 2013drilling progress report● Neutral
Emu-1 reached 2919 m after setting 13-3/8" casing and is drilling in 12-1/4" hole. It is expected to run into early April. No result yet.
26 Feb 2013drilling progress report● Neutral
Zephyros-1 hit a sandstone with sandy cuttings and higher gas readings, indicating a potential gas-bearing reservoir. Coring is about to start, with wireline logging to follow. This is an early indication only, not a confirmed discovery.
20 Feb 2013drilling progress report● Neutral
Zephyros-1 drilled the 8-1/2" hole from 4000 m to 4822 m and cemented a 7-5/8" liner. It is drilling out the shoe to start the 6-1/2" section through the target. No reservoir result yet.
11 Feb 2013drilling spud● Neutral
Emu-1, Karoon's second Santos Basin well after the Kangaroo-1 oil find, spudded on 10 February 2013. It targets Santonian, Campanian and Miocene levels and runs into early April. Bilby-1 is expected to follow as the third well.
5 Feb 2013drilling progress report● Neutral
Zephyros-1 drilled the 12-1/4" hole from 2918 m to 4007 m and set 9-5/8" casing at 4000 m after the cyclone suspension. It is now running in to drill the 8-1/2" section toward the reservoir. No reservoir result yet.
31 Jan 2013drilling result▲ GoodMajor
Kangaroo-1 wireline work confirms a 25 m gross oil column of 42 degree API oil, with good reservoir quality (25-32% porosity). Mapping suggests a column over 300 m up-dip. No flow test will be run at this down-dip spot; Karoon is seeking a rig for a Kangaroo-2 appraisal well.
25 Jan 2013drilling result▲ GoodMajor
Kangaroo-1, Karoon's first Santos Basin well, found light oil: a 25 m gross column in Eocene rocks at 3049 m, not the primary target. The well hit it 300 m down dip, and the whole trap could hold about 350 m. Testing decision follows logging.
17 Jan 2013drilling progress report● Neutral
Kangaroo-1 has cemented 13-3/8" casing at 1840 m and is preparing to drill the next hole section. Drilling is expected to run for most of the first quarter of 2013. No result yet.
16 Jan 2013drilling progress report▼ Bad
Zephyros-1 drilled to 2918 m before tropical cyclone Narelle forced the rig to be evacuated and operations suspended. The crew is being re-manned to resume drilling. No reservoir result yet.
3 Jan 2013drilling progress report● Neutral
Zephyros-1 blowout preventer repairs are complete and the equipment is back on the seafloor. The well is drilling out cement at 2691 m to resume the next hole section. No reservoir result yet.
31 Dec 2012drilling spud▲ GoodMajor
Kangaroo-1, Karoon's first Santos Basin well, spudded on 28 December 2012 and had reached 915 m by 30 December. Results are expected into February 2013. This starts the three-well Brazil campaign, with Pacific Rubiales' 35% farm-in still awaiting ANP approval.
13 Dec 2012drilling scheduled▲ Good
The Blackford Dolphin rig began moving to Kangaroo-1 on 11 December, with spud expected in the last week of December. ANP extended the Santos block work-commitment term by 180 days to 12 November 2013. Kangaroo-1 has 272m barrel gross mean prospective resource.
12 Dec 2012drilling progress report▼ Bad
Zephyros-1 blowout preventers failed function testing and were pulled for repair, delaying the next hole section. This is another equipment problem on the Transocean Legend, after the preventer repairs that delayed Boreas-1 earlier in 2012.
28 Nov 2012drilling progress report● Neutral
Zephyros-1 has set 13-3/8" casing at 2691 m and is preparing to run the blowout preventer. Drilling of the next hole section is expected over the coming weekend. No reservoir result yet.
13 Nov 2012drilling spud● Neutral
Zephyros-1, the second well of the Browse campaign after the Boreas-1 gas discovery, spudded on 12 November 2012. It tests Plover reservoirs about 9 km southwest of Kronos-1 in WA-398-P, where Karoon holds 40%. Campaign is at least five wells through 2013.
11 Oct 2012drilling progress report● Neutral
A production test string is being installed in Boreas-1, with flow testing to begin in the coming days and run through the following week. No test results yet.
28 Sept 2012resource reserve update● NeutralMajor
D&M estimates Karoon's South American net Pg-adjusted mean prospective resources at 561m barrels, down from 589m in 2010 despite a higher gross figure of 812m. The fall largely reflects the 35% Santos Basin farm-out. This long-awaited reassessment excludes the two pre-salt prospects and Maruja.
27 Sept 2012drilling result▲ GoodMajor
Boreas-1 logs indicate net gas pay sands with good reservoir properties, backed by pressure measurements and gas samples recovered by wireline. Production testing is being prepared once the production liner is installed. This firms up the earlier hydrocarbon indications.
21 Sept 2012farm in farm out agreement● NeutralMajor
Karoon agreed to acquire 100% of North Carnarvon Basin permit WA-482-P from Liberty, funding at least A$16.5m of seismic work over two years. It can withdraw before the Year 3 well commitment. Four prospects are estimated at 0.5 to 3 tcf each.
20 Sept 2012drilling progress report● Neutral
Boreas-1 cut 108 m of core and reached total depth. Wireline logging, pressure and sampling are under way to confirm earlier hydrocarbon indications. If production testing goes ahead it needs about 35 more days.
19 Sept 2012farm in farm out agreement▲ GoodMajor
Pacific Rubiales will take 35% of four Santos Basin blocks (option on a fifth), paying US$40m cash and carrying up to US$210m of well costs. This completes the long-negotiated Brazil farmout. It is subject to ANP approval; Karoon remains operator through the three-well campaign.
6 Sept 2012drilling result▲ GoodMajor
Boreas-1 intersected its primary reservoir target, with drilling signs pointing to a potential gas-bearing sand. Coring is starting; wireline logging will follow, and production testing only if the logs confirm hydrocarbons. This ends the long wait after the earlier equipment delays, but flow is unproven.
31 Aug 2012drilling progress report● Neutral
Boreas-1's 8-1/2 inch hole was drilled to 4805 m and a 7-5/8 inch liner was cemented. The 6-1/2 inch section was about to start. No hydrocarbon result reported yet.
17 Aug 2012drilling progress report▲ Good
Blowout preventer testing finally passed and the casing was pressure tested; Boreas-1 was drilling out cement, with the 8-1/2 inch section starting that day. This resolves the repair delay, and the well resumes toward its target.
31 July 2012drilling progress report▼ Bad
After further repairs, Boreas-1's blowout preventer and marine riser were re-run to the sea floor, but function testing failed again and troubleshooting continued. Drilling of the 8-1/2 inch section was still waiting on a fully functional blowout preventer.
13 July 2012drilling progress report▼ Bad
Testing has narrowed the likely cause of the Boreas-1 blowout preventer fault, and replacement parts are being sent to the rig. The blowout preventers are again being pulled; drilling has not resumed.
