Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2022quarterly activities report▲ Good
December quarter: Baúna produced 1.23 MMbbl (13,360 bopd); three cargoes at US$75.44/bbl gave revenue of US$115.8m. Cash US$204.1m plus US$130m undrawn debt. One lost-time incident. Karoon expects a material upward revaluation of the Petrobras contingent payment in the half-year result.
2 Dec 2021contract award● Neutral
Maersk Drilling narrows the Maersk Developer rig start window to 15 April to 15 May 2022 (previously 1 April to 31 May), with limited rights to extend if delayed. Karoon says Baúna and Patola should add 15,000-20,000 bopd by early 2023.
26 Nov 2021agm notice● Neutral
Chairman's AGM address and presentation. Says Baúna intervention and Patola remain on track for mid-2022 and early 2023, and Neon/Goiá work should finish around end-2021, leading to an early-2022 decision on a control well. Sets three priorities, including adding another producing asset.
26 Nov 2021agm notice● Neutral
AGM results: all five resolutions carried, including election of CEO Julian Fowles (99.73% for), re-election of Luciana Rachid and Bruce Phillips, the remuneration report and performance rights for Fowles. Administrative.
8 Nov 2021debt financing● NeutralMajor
Karoon reaches financial close on its US$160m reserve-based debt facility (Deutsche Bank, ING, Macquarie, Shell) and draws US$30m. It also buys oil hedges at about US$10m upfront cost, with US$65 puts, covering roughly 30% or less of forecast production through FY23. Karoon's first borrowing.
4 Nov 2021investor presentation● Neutral
CEO presentation to EurozHartleys describing Karoon as a pure oil play, with Baúna at about 13,500 bopd and sanctioned projects expected to more than double production. Repeats known points from the September quarter report; no new information visible.
28 Oct 2021investor presentation● NeutralMajor
Presentation of the Strategic Refresh outcomes, promised for late October. Only the opening pages (disclaimer, agenda) are visible, so the strategy details are not readable here. The quarterly report links the refresh to a sustainability strategy.
28 Oct 2021quarterly activities report▲ Good
September quarter: Baúna produced 1.28 MMbbl (13,862 bopd), the highest since Karoon took over in Nov 2020; two cargoes sold at US$68.00/bbl, revenue US$70.7m. Cash rose to US$175.0m, no loans. Maersk rig expected 1 April to 31 May 2022.
20 Oct 2021other● Neutral
Karoon will hold a Strategy Seminar on 28 October 2021 to present the outcomes of its Strategic Refresh, alongside the September quarterly report. Sets the date for the outcomes promised for late October; no outcomes given yet.
18 Oct 2021agm notice● Neutral
Karoon says its 2021 annual general meeting will be a virtual online meeting at 10:00am AEDT on Friday 26 November 2021. Administrative notice only.
20 Sept 2021other● Neutral
Appendix 4G, the checklist pointing to where Karoon's corporate governance disclosures can be found, dated 20 September 2021. Administrative, with no new business information; the visible text shows no departures from the recommendations.
20 Sept 2021half year report▲ GoodMajor
FY21 results: statutory profit US$4.4m, underlying US$33.4m on US$170.8m revenue at US$59.00/bbl; cash US$133.2m. FY22 guidance: 4.2-4.6 MMbbl at US$28-32/bbl unit cost. Strategic refresh outcomes are due late October 2021.
20 Sept 2021other● Neutral
Annual Corporate Governance Statement, approved 17 September 2021. The company states it is compliant with the ASX 4th edition governance recommendations. Administrative, with no new business information.
20 Sept 2021annual report● Neutral
2021 Annual Report covers the first year as an oil producer: 3.14 MMbbl produced, US$170.8m oil revenue, statutory profit US$4.4m, cash US$133.2m. It notes a strategic refresh nearing completion. Largely repeats the results release; only the front pages were visible.
16 Sept 2021joint venture update▲ GoodMajor
Karoon settles the Peru Z-38 dispute with partner Pitkin by paying US$9.6m in full and final settlement, without admitting liability. This is far below the possible US$100m-plus damages Pitkin flagged in May. Resolves that open threat.
14 Sept 2021other● Neutral
Karoon brings forward its full-year results to Monday 20 September 2021, citing changes in administrative processes. Earlier guidance was 23 September. Administrative timing change only.
16 Aug 2021director officer appointment● NeutralMajor
Karoon appoints Ray Church, formerly CFO of UGL, as EVP and CFO from 27 September 2021. Scott Hosking will prepare the FY21 accounts, then step down after handover. Fills the CFO search flagged in March.
4 Aug 2021director officer appointment▲ GoodMajor
Karoon appoints Antonio Guimarães, a 34-year Shell veteran, as EVP & President Karoon Brazil from 1 October 2021, reporting to CEO Fowles. Fills the Brazil head role announced in the March restructure.
29 July 2021quarterly activities report▲ Good
June quarter: Baúna produced 1.19 MMbbl (13,068 bopd), three cargoes at US$65.31/bbl, revenue US$95.7m. Cash US$133.2m with no loans. FY21 unit cost guidance narrowed to US$24-26/bbl; remaining Patola and workover spend about US$300m. Full-year results due 23 September.
8 July 2021other● Neutral
Karoon changes its reporting currency from Australian to US dollars, starting with the June 2021 quarter, because revenue and most costs are in US dollars. Restated history will appear in the 2021 annual report. Resolves the currency-change thread.
16 June 2021regulatory community update▲ Good
Brazil's regulator ANP approves the Neon and Goiá integrated development plan submitted in December 2019. Karoon is still studying Neon, including a possible control well with the Maersk rig, and has not yet decided whether to proceed to a final investment decision.
3 June 2021contract award▲ GoodMajor
Karoon signs the integrated engineering, procurement, construction and installation contract with TechnipFMC for Patola's subsea equipment, tied back to the Baúna FPSO. Installation is scheduled for second half 2022, first oil targeted Q1 2023. Follows the Patola FID taken the same day.
3 June 2021drilling scheduled▲ GoodMajor
Karoon takes FID on Patola, budget US$175-195m, funded by a new US$160m reserve-based loan plus operating cash flow. Loan requires hedging about 40% of year-one production. First oil targeted Q1 2023; with workovers, output could reach about 30 kbopd. Resolves the Patola FID thread.
3 June 2021investor presentation▲ Good
Presentation on the Patola FID. Repeats known points: two-well development, peak rate above 10,000 bopd, first oil early 2023, US$160m debt facility. It cites 13.2 MMbbl of 2C resources in Patola plus 1.5 MMbbl in Baúna from gas injection. Text is truncated, so little else is visible.
1 June 2021investor presentation● Neutral
CLSA Exploration Access Week presentation by Karoon's exploration and asset development staff. It restates the Baúna acquisition, the Brazil business unit and Santos Basin focus with 100% of Baúna, Neon/Goiá and Clorita. No new information seen in the available text.
26 May 2021regulatory community update▼ BadMajor
Joint venture partner Pitkin, Karoon's 25% partner in Peru Block Z-38, alleges Karoon breached obligations to enter the next exploration phase and drill a second well, and flags possible damages claims above US$100m. Karoon rejects the claims and will defend. This is a new risk after the dry Marina-1 well.
4 May 2021investor presentation● Neutral
Macquarie conference presentation repeats known facts: 1.14 MMbbl produced in March quarter, A$173m cash, rig contracted, Patola FID on track for Q2 2021. It adds that a strategic review is underway and talks of potentially doubling production by Q1 2023.
29 Apr 2021quarterly activities report▲ Good
March quarter: Baúna produced 1.14 MMbbl (12.6 kbopd) after maintenance outages; two cargoes sold at US$55.38/bbl. Sales receipts A$97.2m, cash A$173m, no loans. Guidance unchanged; Patola FID still on track for Q2 2021.
20 Apr 2021contract award▲ GoodMajor
Karoon contracts the Maersk Developer rig, firm value about US$34m, for a four-well Baúna workover targeting 5-10 kbopd extra. Options cover Patola development and a Neon control well. Rig arrives in Brazil in first half 2022; this advances the Patola FID and Neon threads.
29 Mar 2021director officer appointment● NeutralMajor
Karoon creates a Brazil business unit reporting to CEO Fowles and restructures executives. South America GM Tim Hosking leaves, CFO Scott Hosking will step down in H2 2021, and searches start for a Brazil president and a new CFO. Patola FID is now expected in Q2 2021.
