Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2019joint venture update● Neutral
Neon/Goiá development plan stays at two production wells; a formal farm-out to find a partner has begun. A Development Plan (not a final investment decision) is due to the regulator in Q3 2019, and a cost/benefit check of an extra Neon well is under way.
14 Mar 2019other● NeutralMajor
Chairman Bruce Phillips reports a strategy review: top priority stays buying a long-life production asset, with Neon/Goiá development second and Peru's Marina well (early 2020) kept funded. Buy-backs follow any acquisition; a further 20% corporate cost cut is targeted.
14 Mar 2019half year report● Neutral
Half-year report to 31 December 2018 under the new Karoon Energy name, confirming Bruce Phillips as Chairman from 1 January 2019 and continued acquisition search in Brazil. Financial figures were truncated, so none are stated here.
1 Mar 2019admin correction● Neutral
Karoon lodged its amended constitution reflecting the name change to Karoon Energy Ltd, approved by shareholders at the 30 November 2018 AGM. Administrative only; completes the name change thread.
20 Dec 2018director officer appointment▲ GoodMajor
Bruce Phillips, founder and former CEO of AWE, is appointed independent Chairman from 1 January 2019, resolving the vacancy left by Dr Klingner's death in August. Board becomes eight directors; Phillips calls Karoon undervalued by the market.
30 Nov 2018investor presentation● Neutral
AGM corporate review repeating known points: A$333m cash, no debt, net 2C 82 mmbbl, market cap about A$220m, and the plan to buy a production asset. Notes the US$200m Origin payment still depends on milestones. No new information visible.
30 Nov 2018other● Neutral
Interim Chairman Peter Turnbull's AGM address restates the three pillars: buy a production asset, develop Neon, and explore Peru's Marina. Notes further cost cuts expected and the proposed rename to Karoon Energy. No new transactions announced.
14 Nov 2018investor presentation● Neutral
November investor review repeating known themes: A$333m cash, no debt, market cap about A$270m, pursuit of a production asset, Marina drilling with Tullow and Neon/Goiá pre-FEED work. Cites cost cuts including 20% fewer staff. No new announcement visible.
26 Sept 2018other● Neutral
Karoon's 2018 Corporate Governance Statement, current at 25 September 2018, says the company believes it fully complies with the ASX governance recommendations. Routine annual compliance disclosure; no new business information.
26 Sept 2018admin correction● Neutral
Appendix 4G for the year to 30 June 2018, signed by Company Secretary Scott Hosking, confirms where the governance statement can be found. Administrative filing lodged with the annual report; no new substance.
26 Sept 2018annual report● Neutral
2018 Annual Report, following the death of Chairman Dr Klingner. Net 2C estimates are 55 mmbbl for Echidna (Neon) and 27 mmbbl for Kangaroo (Goiá). The board proposes renaming the company Karoon Energy Limited. Production acquisition search continues.
21 Sept 2018regulatory community update▼ BadMajor
Karoon said its full-year results would include a non-cash impairment of $140 million on blocks S-M-1101 and S-M-1165, which hold Goiá. Neon is to be developed first, with its plan due before end-2018; Z-38 force majeure was lifted and Marina-1 with Tullow is planned for early 2020.
16 Aug 2018director officer appointment● Neutral
Non-executive director Peter Turnbull became interim Chairman from 15 August 2018 after Dr Klingner's death, while the board searches for a permanent chair. The board stays at seven directors.
14 Aug 2018director officer appointment▼ BadMajor
Chairman Dr David Klingner, a director since 2014, died on 13 August 2018 after a short illness. The nomination committee will appoint an interim chairman and begin the search for a permanent replacement.
25 May 2018regulatory community update▲ GoodMajor
ANP approved the Declaration of Commerciality for Echidna and Kangaroo, now named Neon and Goiá, ending the exploration phase of the Santos blocks and starting development. This is not a final investment decision, which is still expected later in 2018.
8 May 2018investor presentation● Neutral
May 2018 investor review repeating the same day's resource update: Echidna 2C 55 mmbbl and Kangaroo 27 mmbbl net, plus Z-38 and WA-482-P prospective resources. No new information in the visible text.
8 May 2018resource reserve update▼ BadMajor
Karoon cut its resource estimates: Echidna net 2C falls to 55 mmbbl (arithmetic basis 75 to 52) and Kangaroo 2C is 27 mmbbl, against 129 mmbbl combined before. Z-38 best case is over 1.3 billion bbl gross; WA-482-P is 2.8 billion bbl gross.
4 Apr 2018regulatory community update▲ GoodMajor
Karoon lodged the Final Discovery Evaluation Report and Declaration of Commerciality for Echidna and Kangaroo with Brazil's ANP, ending the exploration phase on approval; FID is not decided and is now expected later in 2018. Karoon welcomed Petrobras relaunching the Baúna sale.
9 Mar 2018half year report● Neutral
Half-year report to 31 December 2017. Karoon says it focused on evaluating a production and development purchase, cut manpower and overheads, and won Block S-M-1537. Echidna FEED continues through first half 2018. Financial figures were truncated, so none are stated here.
20 Feb 2018regulatory community update▲ GoodMajor
Brazil's ANP approved removing the two-well and 3D seismic appraisal commitments on Karoon's five Santos blocks and closed the appraisal period. Karoon will now file a Declaration of Commerciality for Echidna and Kangaroo; it says this helps the tender and farm-out.
10 Jan 2018farm in farm out agreement▲ GoodMajor
Tullow Oil to take 35% of Peru Block Z-38, ending the search for a partner. Tullow funds 43.75% of the first well (capped at US$27.5m at 100%), pays US$2m on completion and US$7m on commercial discovery. Karoon falls to 40%; approvals pending.
9 Nov 2017other● Neutral
Chairman's AGM address: strategy now three-pronged (buy producing assets, develop Brazilian discoveries, upgrade exploration). Says staff cut 20% and several acquisition projects are in final evaluation and negotiation. Aims for Echidna FID this financial year.
9 Nov 2017investor presentation● Neutral
AGM corporate presentation: A$352m cash, no debt, market cap A$335m, Echidna FID still targeted for the June 2018 quarter, and a focus on acquiring a transformational production asset. Repeats known facts.
28 Sept 2017asset acquisition disposition▲ GoodMajor
Karoon won Block S-M-1537, a 171 sq km southern Santos Basin block (about 400m water depth) in ANP Bid Round 14. It will pay A$8m non-refundable bid bonus plus a A$2.5m refundable bond at December 2017 signing; Karoon says it has potential for hundreds of millions of barrels.
21 Sept 2017other● Neutral
Appendix 4G for the year to 30 June 2017, a checklist pointing to where governance disclosures sit. Administrative filing lodged with the annual report; no new business information.
21 Sept 2017other● Neutral
2017 Corporate Governance Statement, current at 21 September 2017. The company says it believes it is fully compliant with the ASX governance recommendations. Administrative disclosure with no new business information.
21 Sept 2017annual report● Neutral
2017 Annual Report. Karoon says the Petrobras Baúna/Tartaruga sale could not proceed and it is now pursuing cash-positive development and production acquisitions. Echidna (about 28,000 bbl/d peak) is in FEED of about A$10m, with FID targeted for the June 2018 quarter.
15 Sept 2017regulatory community update● Neutral
Responding to media articles, Karoon says the Petrobras Baúna/Tartaruga sale is withdrawn and, as it understands, will not relaunch until court proceedings finish. It has entered alternative sales processes for production and exploration assets in the southern Santos and Campos Basins; Echidna FEED continues into 2018.
1 Aug 2017other● Neutral
Substantial holder notice: Wellington Management's stake fell from 10.61% to 9.46% (23,204,552 shares) as of 28 July 2017. A routine shareholding change, with no company announcement attached.
31 July 2017farm in farm out agreement▲ GoodMajor
Karoon signed a framework agreement with Germany's DEA to evaluate and jointly bid for Brazilian offshore assets. DEA gets an exclusive option to buy up to 50% non-operated of Karoon's five Santos Basin blocks (including Echidna and Kangaroo), subject to due diligence and agreed terms.
