15 Nov 2023other● Neutral
ASX paused trading in Karoon shares pending a further announcement. No reason is given in the text; the pause precedes the 16 November acquisition and equity raising (inference).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2023regulatory community update● Neutral
ASIC has excused Karoon from preparing a half-year report for the six-month transitional year to 31 December 2023. The full report will be lodged 29 February 2024 and the AGM held 25 May 2024. This is administrative, following the July year-end change.
26 Oct 2023quarterly activities report▲ Good
Record September quarter output of 2.85 MMbbl (up 69%), with FPSO efficiency 91.6%. Cash rose to US$181.5m; the US$180m undrawn debt expired and refinancing is expected in the December quarter. Brazil head Antonio Guimarães is leaving. Production is just under 30,000 bopd.
25 Sept 2023investor presentation● Neutral
Presentation for a Brazil field trip, with a cover letter. The visible text is disclaimers only, and no new information is shown; the rest was truncated.
12 Sept 2023investor presentation● Neutral
Presentation for a Macquarie non-deal roadshow, with a cover letter. The visible text is disclaimers only, with guidance to 30 June 2024 flagged as uncertain. No new information is shown; the rest was truncated.
5 Sept 2023investor presentation● Neutral
Presentation for the Euroz Hartleys Energy Forum, with a cover letter. The visible text is disclaimers only; no new information is shown and the rest was truncated.
23 Aug 2023annual report▲ GoodMajor
Appendix 4E: FY23 revenue rose 47% to US$566.5m and net profit after tax was US$163.0m, against a US$64.4m loss in FY22. Underlying profit was US$145.9m, up 70%. No dividend was declared or paid.
23 Aug 2023half year report● Neutral
Cover letter for the FY23 full year results release and investor presentation. The visible text contains no figures or new information; the attached contents are not shown.
23 Aug 2023regulatory community update● Neutral
The 2023 Sustainability Report covers FY23 safety, climate and community work. It records a recordable injury rate of 0.41 and Scope 1 and 2 emissions of 142,074 tCO2e. It restates the carbon neutral and 2035 net zero targets, with no new financial information.
23 Aug 2023other● Neutral
Appendix 4G, the key to the corporate governance disclosures for the year to 30 June 2023. It is an administrative filing with no new information.
23 Aug 2023annual report▲ Good
The 2023 Annual Report covers FY23: production up 52% to 7.04 MMbbl, completed Baúna and Patola projects on budget, and cash of US$74.8m with US$30m of the US$210m facility drawn. It says the balance sheet is positioned for growth and shareholder returns.
23 Aug 2023other● Neutral
The 2023 Corporate Governance Statement, approved 22 August 2023, says Karoon complies with the ASX governance recommendations (4th edition). It is an administrative compliance document.
27 July 2023quarterly activities report● Neutral
June quarter output was 1.68 MMbbl (down 15% on the six-week shut-in); FY23 was 7.04 MMbbl, with revenue US$566.5m. Cash was US$74.8m with no new debt drawn. Guidance for the 12 months to June 2024 is 9-11 MMbbl; refinancing and acquisitions in Brazil and North America are being explored.
10 July 2023resource reserve update▲ GoodMajor
Control wells lifted Neon's 2C contingent resource 9% to 60.1 MMbbl (1C up 26% to 37.7, 3C down 3% to 89.5). Neon West is assessed at 14.8 MMbbl prospective (2U). A Concept Select decision is targeted for end 1QCY24.
10 July 2023other● Neutral
Karoon will move its financial year end from 30 June to 31 December, to align with Brazil's tax year. A six-month transitional year runs 1 July to 31 December 2023, with an annual report due by March 2024 and an AGM in May 2024.
19 June 2023production update▼ BadMajor
Baúna has averaged about 33,000 bopd since the 9 May restart and should stabilise at 33,000-35,000 bopd by 1QFY24. The July maintenance shutdown is deferred to 3QFY24. FY23 production guidance is cut to 7.0-7.1 MMbbl from 7.0-7.7, and export tax guidance to US$15-19m.
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.
27 Apr 2023quarterly activities report● Neutral
Text not readable.
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.