Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2023production update▲ GoodMajor
Baúna restarted on 9 May after the shutdown, with both FPSO trains running by 11 May. Output is above 32,000 bopd from six of seven wells, targeting a flush peak above 40,000 then a stable 33,000-35,000 bopd. FY23 guidance is unchanged from the revised 27 April figures.
10 May 2023investor presentation● Neutral
Presentation for an RBC US non-deal roadshow. The visible portion describes Karoon as a 100% owner-operator of Baúna with 55 MMbbl of 2P reserves; the rest was truncated and no new information is shown.
2 May 2023investor presentation● Neutral
Presentation for the Macquarie Australia conference, with a cover letter. The visible text is disclaimers and a company overview; no new information is shown and the rest was truncated.
14 Apr 2023production update▼ BadMajor
The Baúna shutdown is now expected to run into May 2023, contradicting the mid-April restart. If production resumes in early May, FY23 output is expected at the low end of the 7.5-9.0 MMbbl range. Unit costs are likely towards the upper end of guidance.
3 Apr 2023investor presentation● Neutral
Presentation for a Macquarie Asia roadshow, with a cover letter. The visible text is disclaimers and a company overview; no new information is shown and the rest was truncated.
3 Apr 2023production update▼ BadMajor
All Baúna production, including Patola, was shut in on 28 March after a loss of containment on the FPSO's high-pressure flare, days after Patola started. Repairs finished 30 March, but the shutdown was extended for inspection and maintenance, with restart expected mid-April. FY23 guidance was kept unchanged.
31 Mar 2023director officer appointment● NeutralMajor
Chairman Bruce Phillips will retire at the AGM on 23 November 2023. Peter Botten, already a director, is made Deputy Chairman now and is intended to succeed him as chair at that AGM.
29 Mar 2023production update▲ GoodMajor
PAT-1 came onstream on 27 March at over 12,000 bopd, taking Baúna above 40,000 bopd. Rates are expected to settle at about 33,000-35,000 bopd within weeks. Patola was delivered on schedule and within budget, with no material safety or environmental incidents.
29 Mar 2023investor presentation● Neutral
Presentation for a Morgans breakfast event, with a cover letter. The visible text is disclaimers and a company overview; no new information is shown and the rest was truncated.
15 Mar 2023production update▲ GoodMajor
First Patola oil flowed from PAT-2 on 15 March 2023 at 12,000-14,000 bopd, with PAT-1 due by end-March. Output should settle at 10,000-15,000 bopd, taking Baúna above 30,000 bopd. Patola 2P reserves were upgraded 1.7 MMbbl to 16.4 MMbbl.
22 Dec 2022listing compliance notice● Neutral
ASX has reclassified Karoon from an oil and gas exploration entity to an oil and gas producing entity. It no longer files quarterly cashflow reports (Appendix 5B), but still files quarterly activity reports. The next report is due 25 January 2023.
8 Dec 2022director officer appointment● Neutral
Daniel Murnane, formerly Senior Legal Counsel and Company Secretary at Beach Energy, becomes permanent Company Secretary. Interim secretaries Andrew Metcalfe and Philip Thomas have resigned, resolving the September vacancy.
24 Nov 2022investor presentation● Neutral
Chairman's address and CEO presentation for the AGM. They review FY22 results and say Baúna output should rise from about 12,500 to 30,000-35,000 bopd if Patola comes on in Q1 CY2023. Largely repeats known points; the text was truncated.
21 Nov 2022drilling result▲ GoodMajor
The second Patola development well, PAT-2, reached 2,313 m and found good reservoir, with net pay in line with expectations and quality better than predicted, matching PAT-1. Drilling was within schedule and budget. First production remains targeted for Q1 CY2023 at over 10,000 bopd. The rig then moves to Neon.
2 Nov 2022investor presentation● Neutral
Presentation at a Morgans mid-cap event describing Karoon as a pure oil producer with growth from the Baúna interventions and Patola, as in earlier presentations. The visible portion shows no new information; the text was truncated.
7 Oct 2022regulatory community update▲ GoodMajor
Brazil's regulator ANP approved Karoon's updated Baúna development plan and a lower royalty on incremental production: 7.5% up to 50% above the base profile and 5% beyond, versus the historical 10% on base output. It awaits gazettal and a contract amendment, and is expected to apply from October 2022.
26 Sept 2022drilling progress report▲ GoodMajor
The third Baúna workover, a new pump in SPS-92, is complete, lifting that well to about 9,500 bopd from 5,500. Field output is about 22,000 bopd, up from 12,600 before the campaign. The BAN-1 workover is deferred and the rig moves to Patola, where drilling starts within days.
21 Sept 2022investor presentation● Neutral
Presentation for a Brazil field trip. The cover letter notes the SPS-92 pump workover is complete and the well is back online, and that timing of the BAN-1 intervention is under review. Karoon will update when SPS-92 rates stabilise. Rest of the presentation was truncated.
19 Sept 2022director officer appointment● Neutral
Company Secretary Nick Kennedy has resigned after working out his notice. Andrew Metcalfe and Philip Thomas are appointed interim Company Secretaries until a permanent appointment is announced. Administrative change.
19 Sept 2022director officer appointment● Neutral
CEO Julian Fowles' contract is amended so his at-risk bonus (50% of fixed pay) and long-term incentive (100%) are calculated on base salary plus superannuation rather than base salary alone. This aligns him with other executives; no other changes.
6 Sept 2022drilling progress report▲ Good
The second Baúna workover, gas lift in well SPS-56, is complete and the well is back online at about 3,700 bopd, up from about 750 bopd. PRA-2 is stable at about 4,000 bopd. The third intervention, at SPS-92, is expected to finish in late September.
5 Sept 2022investor presentation● Neutral
CEO presentation for a Macquarie UK non-deal roadshow, describing Karoon as a pure oil producer with growth from the Baúna interventions and Patola. Repeats known points; no new information visible.
2 Sept 2022other▲ Good
S&P Dow Jones Indices will add Karoon to the S&P/ASX 200 index from 19 September 2022. An index change, not a company announcement; no operational news.
25 Aug 2022annual report● NeutralMajor
FY22 underlying profit US$89.6m, but statutory loss US$64.5m after a US$227.1m rise in the Petrobras contingent payment, now booked at its maximum. Baúna intervention cost estimate raised to US$135-145m and Patola to US$180-205m. FY23 production guided to 7-9 MMbbl.
25 Aug 2022other● Neutral
First standalone Sustainability Report, repeating known targets: carbon neutral on Baúna-Patola Scope 1 and 2 from FY2021, net zero by 2035. Emissions data has independent limited assurance from PwC. No new commercial information.
25 Aug 2022other● Neutral
2022 Corporate Governance Statement, approved 24 August 2022, stating the company considers itself compliant with the ASX Council's 4th edition recommendations. Administrative disclosure with no new commercial substance.
25 Aug 2022other● Neutral
Appendix 4G, the checklist pointing to the corporate governance statement. Administrative filing with no new substance.
25 Aug 2022annual report● Neutral
2022 Annual Report covering Karoon's first full year of Baúna production: 4.64 MMbbl, US$385m oil revenue, US$154m operating cash flow, US$90m underlying profit. Repeats results released the same day; Patola still targeted for early 2023.
25 Aug 2022director officer appointment▲ Good
Carlos Tadeu Fraga joins the board as a non-executive director from 26 August 2022. He has 40 years in oil and gas, including 23 years as a Petrobras executive, and adds Brazilian industry depth ahead of Patola.
2 Aug 2022investor presentation● Neutral
Presentation to RBC by the CEO and management team, covering June quarter results (1.08 MMbbl; FY22 4.64 MMbbl). Repeats figures already released in the quarterly report; no new information visible.
