Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2010drilling spud● NeutralMajor
Kronos-1 was spudded on 19 Feb 2010 on the Transocean Legend, 15 km from Poseidon-1, with planned depth 5,322 mRT. It targets Plover reservoirs high on the structure to define possible production rates. Karoon holds 40%, ConocoPhillips operates.
28 Jan 2010drilling progress report● Neutral
The Poseidon-2 Plover reservoir was perforated and communication with the reservoir has been established, so the retest is under way. Results will be released when available.
21 Jan 2010drilling progress report● Neutral
The Poseidon-2 test string was retrieved and the hole cleaned out. The rig was partly de-manned waiting on weather before the Plover retest. No new result.
7 Jan 2010drilling progress report● Neutral
Poseidon-2's 4-1/2 inch production liner was cemented at 5,350 m and the mud replaced with brine. Crews were preparing the drill stem test tools. No test result yet.
30 Dec 2009drilling progress report● Neutral
Poseidon-2 was completing wireline logging after the cyclone evacuation. A 4-1/2 inch production liner will then be run for production testing, with results expected over the next few weeks.
23 Dec 2009drilling result▲ GoodMajor
Poseidon-2 found about 20m gross of hydrocarbon-bearing Montara reservoir and a thicker Plover section with all three Poseidon-1 reservoir intervals, about 60m cored. Hydrocarbons are indicated above the gas-water contact but unconfirmed until wireline logs are run. The 3D survey is about 55% done.
15 Dec 2009drilling progress report● Neutral
Cyclone Lawrence forced non-essential staff off the Poseidon-2 rig on 12 December and paused both drilling and the Poseidon 3D seismic survey. Poseidon-2 is at 5,356 mRT with wireline logs still to be run.
10 Dec 2009drilling progress report● Neutral
Poseidon-2 reached its total depth of 5,356 mRT, slightly beyond the planned 5,300 mRT, and was running wireline logs. Reservoirs will be assessed when the full data set is available. No result yet.
10 Dec 2009resource reserve update▲ GoodMajor
DeGolyer and MacNaughton certified Karoon's net high-case contingent resources at 7.6 tcf (1.27bn boe) and risked net mean prospective resources at 900m boe. This compares with 1.23bn boe prospective in September 2008. Poseidon-2 results are not included.
9 Dec 2009farm in farm out completion● NeutralMajor
ConocoPhillips exercised its option for another 9% of WA-314-P and WA-315-P, lifting it to 60% and cutting Karoon to 40%. ConocoPhillips will pay 80% of the next US$125m of joint venture spending in those permits. This completes the option noted earlier.
3 Dec 2009drilling progress report● Neutral
Poseidon-2 reached 5,123 mRT, having cored the Plover target from 5,061 to 5,123 mRT. Reservoirs will be assessed once all logs are in at final depth. No result yet.
26 Nov 2009drilling progress report● Neutral
Poseidon-2 set its 7 inch liner at 4,700 mRT and cored the secondary Montara sands at 4,729-4,741 mRT. The company says there is insufficient information to judge them. Drilling will then continue to the main Plover target.
19 Nov 2009drilling progress report● Neutral
Poseidon-2 ran pressure tests in the interbedded sands below 4,600 mRT and was preparing to run a 7 inch liner. The company says hydrocarbon potential can only be judged once all data is collected. No result yet.
12 Nov 2009drilling progress report● Neutral
Poseidon-2 reached 4,724 mRT and met thin interbedded sands at 4,710-4,713 mRT, shallower than the Plover reservoir seen in Poseidon-1. The company says no material conclusions can be drawn yet. Mud losses were being managed.
5 Nov 2009drilling progress report● Neutral
Poseidon-2 had 9-5/8 inch casing cemented at 4,098 mRT and an 8-1/2 inch drilling string was being run. Planned depth remains about 5,300 mRT. No geological result yet.
29 Oct 2009drilling progress report● Neutral
Poseidon-2 was drilling ahead at 3,866 mRT, having drilled deeper from 2,937 mRT a week earlier, toward a planned depth of about 5,300 mRT. No geological result was reported.
29 Oct 2009farm in farm out agreement▲ GoodMajor
Karoon secured a further 15% of Peru Block Z-38, on top of the 40% option exercised in August, giving 75% post farm-in once work commitments and approvals are complete. It will fund the third-period work, including two wells, with drilling expected late 2010 or early 2011.
22 Oct 2009drilling progress report● Neutral
Poseidon-2 is drilling at 2,937 mRT after surface casing was cemented at 2,422 mRT. Planned depth is about 5,300 mRT. No geological result yet.
15 Oct 2009drilling progress report● Neutral
Poseidon-2 drilled from 1,474 to 2,429 mRT, and surface casing was being prepared. Planned depth is about 5,300 mRT. No geological result yet.
12 Oct 2009drilling spud● NeutralMajor
Poseidon-2 appraisal well spudded on 10 October in WA-398-P, where Karoon holds 40%. It tests reservoirs down-dip from Poseidon-1, to a planned depth of about 5,300 mRT, and is drilling at 1,474 mRT.
8 Oct 2009drilling progress report● Neutral
Kontiki-1 plugging and abandonment is complete and the rig was released on 8 October. It is heading to the Poseidon-2 location in WA-398-P, closing out the well.
30 Sept 2009drilling scheduled● NeutralMajor
The Browse program expands to at least four wells: Poseidon-2 appraisal, then Lion-1 (under 10% chance of success) and Kronos-1. A 3D seismic survey over 2,000 sq km was awarded to CGGVeritas, starting October. Karoon keeps its 3/7/15 tcf Poseidon range.
28 Sept 2009drilling result▼ BadMajor
Kontiki-1 reached 4,600 mRT with no further sands. Data show some gas in poor-quality reservoir sands, and the well will be plugged and abandoned. The rig moves to Poseidon-2. This is a disappointing result after Poseidon-1, against Karoon's 7 tcf P50 prospective estimate.
24 Sept 2009drilling progress report● Neutral
Kontiki-1 is at 4,490 mRT in the Plover Formation, with about 40m gross of interbedded sands with complex lithologies over about 460m. Logs are incomplete and cannot yet show whether they hold hydrocarbons. This is a cautious first hint, not a discovery.
16 Sept 2009drilling progress report● Neutral
Kontiki-1 reached 4,169 mRT and a 7 inch liner was being run, nearing the planned 4,610 mRT. No geological result yet.
11 Sept 2009drilling progress report● Neutral
Kontiki-1 is at 3,527 mRT after 9-5/8 inch casing was run and cemented, with a new drilling assembly going in. No geological result yet.
4 Sept 2009drilling progress report● Neutral
Kontiki-1 is drilling at 3,406 mRT after an 11-3/4 inch liner was run and cemented. No geological result yet.
27 Aug 2009drilling progress report● Neutral
Kontiki-1 is at 3,237 mRT, preparing to resume drilling after a bit change. No geological result yet.
20 Aug 2009drilling progress report● Neutral
Kontiki-1 is drilling ahead at 3,066 mRT after blowout-prevention equipment was installed and tested. Planned depth remains 4,610 mRT. No geological result yet.
13 Aug 2009drilling progress report● Neutral
Kontiki-1 reached 2,883 mRT; 13-3/8 inch surface casing was run and cemented and blowout-prevention equipment was being run. No geological result yet.
