Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2025resource reserve update▲ GoodMajor
Baúna 2P reserves rose 13.7 MMbbl to 52.7 MMbbl at 30 June 2025, 35% higher than at year-end, after the FPSO purchase (completed 30 April) and lower declines. Field life extends seven years to 2039. Revitalisation spend is US$55-65m in 2026; an independent audit came within 5%.
16 Apr 2025resource reserve update▲ GoodMajor
Neon, 75 km from Baúna, moves into the Define phase, with Contingent Resources raised: 2C up 44% to 86.5 MMbbl. Capex is staged, starting at US$7-10m. A farm-down partner is needed before a final investment decision. First oil is targeted for early 2029.
20 Jan 2025drilling result▼ BadMajor
Who Dat West reached 7,147 m with no significant hydrocarbons and will be plugged and abandoned. This is a dry hole, so the 2024 campaign ends with two of three wells successful (Who Dat East and South). The JV now moves to development studies.
30 Dec 2024drilling spud● NeutralMajor
The Who Dat West exploration well (MC 629-1) spudded 24 December, to about 7,150 m and roughly 50 days. Karoon holds 35%. Pre-drill prospective resource is 77 MMboe gross (21.6 MMboe net), 36% chance of success. This is the third well in the 2024 campaign.
30 Oct 2024resource reserve update▲ GoodMajor
Who Dat East 2C contingent resource net to Karoon rose 191% from 5.4 to 15.7 MMboe after the appraisal well. Karoon now sees close to 50 MMboe gross at 2C and the JV is studying development concepts. This delivers the update flagged after the well.
29 Oct 2024drilling result▲ GoodMajor
Who Dat South reached 7,014 m and found hydrocarbon zones with preliminary net pay of 98 m measured depth (67 m true vertical), versus a ~40 m pre-drill prognosis. It is the second success after Who Dat East; the well will be suspended as a potential producer. Who Dat West is next.
9 Sept 2024drilling spud● NeutralMajor
Who Dat South well (MC 545-1) spudded 5 September, targeting two Miocene reservoirs to about 7,500 m, taking 50-60 days. Karoon holds 30%; pre-drill prospective resource is 31 MMboe gross (7.6 MMboe net), 52% chance of success. This follows the earlier delay to 3Q24.
25 June 2024drilling result● NeutralMajor
Who Dat East reached 7,670 m, finding no significant extra hydrocarbons beyond 45 m total net pay, and is being suspended as a possible producer. Resource update is due late 2024/early 2025. Baúna restarted 11 June after maintenance; SPS-88 still targets 3Q24.
11 June 2024drilling progress report▲ Good
Who Dat East well, at 6,614 m, shows 44 m of net gas-condensate pay in good-quality sands, as prognosed. Drilling continues to a planned 7,900 m. Resource impact awaits final results; the well will be suspended as a possible future producer.
30 Apr 2024drilling spud● NeutralMajor
The Who Dat East well (Karoon 40%) began drilling on 27-28 April 2024 in about 1,300 m of water, to appraise a 2001 gas/condensate discovery. It takes 55-60 days and costs US$50-56m net. Net 2C resources are 5.4 MMboe, with a 62% chance of success.
3 Apr 2024drilling scheduled● NeutralMajor
Joint ventures approved two Gulf of Mexico wells, Who Dat East (Karoon 40%) and Who Dat South (30%), costing US$67-77m net to Karoon. 2024 committed capex rises to US$117-134m from US$50-57m. Who Dat East is due to spud in April.
10 July 2023resource reserve update▲ GoodMajor
Control wells lifted Neon's 2C contingent resource 9% to 60.1 MMbbl (1C up 26% to 37.7, 3C down 3% to 89.5). Neon West is assessed at 14.8 MMbbl prospective (2U). A Concept Select decision is targeted for end 1QCY24.
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.
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.
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.
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).
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.
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.
28 Jan 2021resource reserve update● Neutral
AGR's update effective 1 January 2021 shows Baúna reserves unchanged from November 2020 apart from production (2.8 MMbbl produced 1 Jul-31 Dec 2020); contingent resources are unchanged. Cumulative output reaches 132.7 MMbbl. Patola FID is now flagged for Q2 2021, versus Q1 previously.
9 Nov 2020resource reserve update▼ BadMajor
AGR's updated report, effective 1 July 2020, cuts Baúna 2P reserves by 4.6MMbbl mainly because the long-term oil price assumption falls to US$55 from US$65. 2C resources fall 0.9MMbbl. Patola FID is a potential Q1 2021.
27 Feb 2020resource reserve update▲ GoodMajor
AGR's update, effective 1 January 2020, raised Baúna reserves after 2019 production: 1P up 4.0 MMbbl, 2P up 1.2 MMbbl, 3P up 0.8 MMbbl. Contingent resources rose 0.7, 1.0 and 1.2 MMbbl at 1C, 2C and 3C. This updates the August 2019 assessment.
17 Feb 2020drilling result▼ BadMajor
Marina-1 reached 3,021m and found only thin water-bearing sands with no oil and minor gas shows in the primary targets. It will be plugged and abandoned, a dry hole for the 256 million barrel prospect. Karoon says focus returns to completing Baúna.
11 Feb 2020drilling progress report● Neutral
Marina-1 reached 1,654m and set casing. Shallow sands showed water and thin gas shows, not considered commercial. The deeper primary targets are still to be drilled. The well is on time and on budget.
28 Jan 2020drilling spud● NeutralMajor
Drilling of Marina-1 began in Peru's Block Z-38 (Karoon 40%, operator) with the Stena Forth, planned to take about 30 days to roughly 3,000m. It targets a 256 million barrel gross (102 million net) prospective resource.
9 Jan 2020drilling progress report● Neutral
The Stena Forth reached Callao, Lima, and will refuel and change crew for one to two weeks before heading to the Marina-1 location. Spud is still expected in the last week of January 2020, pending customs and final permits.
23 Dec 2019drilling scheduled● Neutral
The Stena Forth has begun the final leg to Peru after collecting casing in Brazil. It is expected in Peruvian waters in January 2020, with Marina-1 expected to spud in the last week of January. Gross prospective resource remains 256 million barrels.
29 Aug 2019resource reserve update▲ GoodMajor
Independent consultant AGR's report on Baúna, which Karoon is buying, covers reserves and contingent resources, with 120 million barrels already produced to end-2018 and reserves assessed to 2031. The volumes are not in the text provided. Karoon's full statement waits for completion.
6 May 2019farm in farm out completion▲ GoodMajor
Tullow's farm-out of 35% of Peru Block Z-38, announced January 2018, is complete. Tullow funds 43.75% of the first well (capped at US$27.5m at 100%) and pays US$2m now plus US$7m on a commercial discovery. Marina-1 targeted early 2020 (256 mmbbl gross).
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.
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.
