Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Oct 2022quarterly activities report▲ Good
September quarter output was 1.29 MMbbl (13,997 bopd), up 19%, with revenue of US$140.2m at US$96.02/bbl. Workovers added over 11,000 bopd, peaking above 25,000 bopd. FY23 guidance lifted to 7.5-9.0 MMbbl. Patola-1 reached 2,400 m. Cash US$181.8m.
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.
28 July 2022quarterly activities report● Neutral
June quarter Baúna output was 1.08 MMbbl (11,878 bopd), taking FY22 to 4.64 MMbbl, just above guidance. Two cargoes at a record US$107.43/bbl gave US$105.4m revenue. Cash US$157.7m. First workover (PRA-2) worked; intervention costs tracking toward the top of US$110-130m.
23 May 2022asset acquisition disposition● NeutralMajor
Karoon ends its Atlanta exclusivity agreement and withdraws its offer for a 50% interest. It could not finish due diligence and agree acceptable terms in the exclusivity period. Karoon says it will keep looking for acquisitions.
16 May 2022drilling spud▲ GoodMajor
The Baúna intervention campaign began on 15 May 2022 at the PRA-2 well, the first of four workovers, with the Maersk Developer rig on site. It aims to add 5,000-10,000 bopd and take 4-5 months, then Patola wells and Neon control well(s).
4 May 2022investor presentation● Neutral
CEO presentation at the Macquarie conference, describing Karoon as a pure oil producer with a growth path from the Baúna intervention and Patola projects. Repeats known points; no new information visible.
28 Apr 2022quarterly activities report● Neutral
March quarter: Baúna produced 1.05 MMbbl (11,723 bopd), down 14% on an eight-day maintenance shutdown and natural decline. Two cargoes at a record US$95.20/bbl gave revenue of US$94.0m. Cash US$200.4m; liquidity US$380.4m with the accordion. Rig arrived in April.
19 Apr 2022debt financing▲ GoodMajor
Karoon establishes a US$50m accordion facility, lifting its reserve-based debt facility from US$160m to US$210m. It gives extra flexibility to fund the Neon control well(s).
1 Apr 2022drilling scheduled▲ GoodMajor
Karoon commits to drilling a Neon control well and, depending on results, a second, planned after the Patola campaign and subject to environmental licences. This resolves the early-2022 decision flagged earlier. Neon 2C resource is 55 MMbbl; the wells aim to cut uncertainty ahead of a possible FID.
31 Mar 2022asset acquisition disposition● NeutralMajor
Karoon signs an exclusivity agreement, valid to 31 May 2022, and submits a non-binding, incomplete offer for a 50% non-operated interest in the Atlanta oil field, Santos Basin, from Enauta. Follows its stated aim of adding a producing asset; no obligation to proceed.
10 Mar 2022investor presentation● Neutral
CEO presentation describing Karoon as a pure oil play with a high-quality Brazilian asset, and a growth path of sanctioned projects. Repeats known points; the visible text shows no new information.
23 Feb 2022half year report● NeutralMajor
Half-year underlying profit US$21.1m, but a statutory loss of US$97.7m after a US$183.8m pre-tax increase in the Petrobras contingent payment, as foreshadowed in January, on a higher oil price outlook. FY22 production guidance narrowed to 4.4-4.6 MMbbl; unit cost guidance cut to US$28-30/bbl.
23 Feb 2022half year report● Neutral
Full interim accounts for the six months to December 2021: sales revenue US$186.5m, underlying profit US$21.1m, statutory loss US$97.7m. Cash US$204.1m. Detail is mostly in the companion release; the visible text is largely the contents page and disclaimers.
8 Feb 2022material agreement● Neutral
Karoon agrees with Shell's trading arm to buy more than 480,000 carbon credits between 2022 and 2030 at fixed prices, offsetting an estimated 60% of Baúna-Patola Scope 1 and 2 emissions. Makes Baúna carbon neutral for FY2021. Follows the sustainability strategy of 28 October 2021.
