2 July 2012drilling progress report▼ Bad
A new, unrelated mechanical problem with the Boreas-1 blowout preventers forced them to be pulled again for repair. Drilling remains stalled at 4009 m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2012drilling progress report● Neutral
After further repairs, the Boreas-1 blowout preventers were re-run to the sea floor for final testing, with drilling expected to resume later that day. Transocean has brought in a global expert team.
8 June 2012drilling progress report▼ Bad
Boreas-1's blowout preventers failed to function properly when run to the sea floor and were pulled for repairs. Drilling of the 8-1/2 inch section is delayed; this is the first equipment setback on the well.
25 May 2012drilling progress report● Neutral
Boreas-1 drilled to 4009 m and 9-5/8 inch casing was cemented. Blowout preventers were pulled and serviced; the 8-1/2 inch section was due to start the following week. No results yet.
11 May 2012drilling progress report● Neutral
Boreas-1 was drilling ahead at 3908 m in a 12-1/4 inch hole. No results reported; routine progress update.
24 Apr 2012drilling progress report● Neutral
Boreas-1 (4 km south of Poseidon-1) has had surface casing cemented at 2822 m and is about to drill ahead. Zephyros-1 and Proteus-1 follow in a program of at least five wells running through 2013. No result yet.
5 Apr 2012drilling spud▲ GoodMajor
Boreas-1 spudded on 5 April 2012, starting the Browse Phase-2 campaign of at least five wells that is expected to run through 2013. It targets a fault block about 4 km south of Poseidon-1; Karoon will give fortnightly progress reports.
26 Mar 2012drilling scheduled● Neutral
The Transocean Legend left Dampier on 24 March, and Boreas-1 is due to spud early the following week. At least five Browse wells are planned, with Zephyros-1 and Proteus-1 next. This follows several earlier slips in the start date.
23 Feb 2012drilling scheduled● Neutral
Browse campaign slips again, now to early March 2012, with Boreas-1 to spud by mid-March. At least five wells planned; Zephyros-1 and Proteus-1 named as wells two and three. Karoon holds 90% of WA-314-P and 40% of the other two permits.
23 Dec 2011drilling scheduled● Neutral
Browse drilling is delayed again, now expected early February 2012 with Boreas-1 first. Brazil's Blackford Dolphin wells remain on track for Q2 2012. Karoon hopes to finish the Brazil and Peru farmouts in Q1 2012; Peru rig tenders are arriving.
27 July 2011farm in farm out completion▲ GoodMajor
Karoon signed final binding documents to take an extra 50% of WA-314-P from ConocoPhillips for nil cash, completing the deal agreed in November 2010 and lifting it to 90%. ConocoPhillips can buy back 10% after the well. Formal transfer still needs regulatory registration.
31 Mar 2011drilling result▼ BadMajor
Maruja-2 appraisal (a deviated well to 2,530m and a sidetrack to 2,389m) found excellent reservoir sands but they were water-bearing at this location. The oil column in the up-dip part remains undefined. Karoon's 20% still awaits ANP approval; a view on remaining potential is promised.
7 Feb 2011drilling spud● Neutral
The Ocean Yorktown rig is on location to start Maruja-2, an appraisal well 4.8 km north-east of the Maruja-1 discovery. It will core the reservoir and sidetrack to test continuity. Petrobras operates; Karoon's 20% remains subject to ANP approval.
29 Nov 2010farm in farm out agreement▲ GoodMajor
Karoon agreed to take a further 50% of Browse permit WA-314-P from ConocoPhillips for no cash, lifting its interest from 40% to 90%. Karoon sees over 10 tcf potential; the Grace prospect has 3.3 tcf. ConocoPhillips can buy back 10% after the commitment well.
17 Nov 2010drilling result▲ GoodMajor
Petrobras announced a light oil discovery at Maruja-1 in Brazil's Santos Basin, with reservoirs at 2,200m in 400m of water; drilling continues deeper. Karoon's first South American discovery; its 20% interest remains subject to ANP approval. Resolves the Maruja thread positively.
5 Oct 2010drilling progress report● Neutral
Maruja well, spudded 23 September, had 20-inch surface casing cemented and was preparing to drill ahead at 1,123m. Petrobras operates; Karoon's interest will be 20% once approvals and farm-in obligations are met. No result yet.
13 Sept 2010drilling result▼ BadMajor
The Quasi well in Brazil reached 2,011m and found no commercial hydrocarbons; it will be plugged and abandoned. Karoon estimates its net cost at about US$6.5m. The lower-risk Maruja prospect is next, due to start in September.
13 Sept 2010drilling progress report● Neutral
Quasi well (1-SPS-75) in Santos Basin, drilling since 25 August, had surface casing set at 1,400m and the blowout preventer under test. Target is about 1,700m. Karoon will hold 20% post farm-in; Petrobras operates.
30 Aug 2010farm in farm out agreement▲ GoodMajor
Karoon signed a farm-in with Petrobras for 20% of two Santos Basin blocks (Maruja and Quasi prospects), subject to approvals, by funding 35% of the Maruja well. Drilling has begun at Quasi, Maruja is due in September, and results are expected by end-2010.
7 June 2010drilling progress report● Neutral
Kronos-1 drilling and testing are complete and the Transocean Legend rig has been released, ending the 2009/10 drilling campaign. Poseidon data and 3D seismic will be analysed, with further wells targeted for early 2011.
6 May 2010drilling progress report▲ Good
Kronos-1 reached a total depth of 5,329 mRT. Logs and pressure data indicate net pay gas sands with good reservoir properties and a gas gradient. A production test of up to 20 days will follow; Karoon holds 40%.
30 Apr 2010drilling progress report● Neutral
Kronos-1 cored 5,018-5,055 mRT and was drilling ahead at 5,249 mRT, nearing planned depth of 5,322 mRT. Logging and evaluation will take about 20 more days. No result yet.
19 Apr 2010drilling progress report▲ Good
Kronos-1 hit a sand-prone interval at 4,998 mRT with increased background gas; at 5,018 mRT drilling paused for coring. Evaluation will take about 30 days, plus about 20 days if tested. Weekly reporting ceases.
15 Apr 2010drilling progress report● Neutral
Kronos-1 reached 4,779 mRT, and 7 inch liner was run and cemented. No result yet.
8 Apr 2010drilling progress report● Neutral
Kronos-1 was drilling ahead at 4,748 mRT after casing was cemented. No result yet.
1 Apr 2010drilling progress report● Neutral
Kronos-1 reached 4,097 mRT and 9-5/8 inch intermediate casing was being installed. No result yet.
25 Mar 2010drilling progress report● Neutral
Kronos-1 was drilling ahead at 3,450 mRT. No result yet.
18 Mar 2010drilling progress report● Neutral
Kronos-1 was drilling ahead at 3,034 mRT. No result yet.
11 Mar 2010drilling progress report● Neutral
Kronos-1 was drilled to 2,663 mRT and 13-3/8 inch surface casing was installed; the riser and BOP were being fitted. No result yet.
4 Mar 2010drilling progress report● Neutral
Kronos-1 was drilling at 2,086 mRT in 17-1/2 inch hole. No result yet.