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KAR, KAROON GAS AUSTRALIA
blacksheep
post Posted: Oct 23 2019, 01:34 PM
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Posts: 6,791
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In Reply To: blacksheep's post @ Oct 21 2019, 06:26 PM

Announced underwritten equity raising of approx A$284 mil to (largely) complete the funding of the Bauna acquisition @ 16.6% discount

QUOTE
Approximately A$284 million fully underwritten Equity Raising, including:

− A$67 million institutional placement (Placement)
− A$217 million 1 for 1.061 pro rata accelerated non-renounceable entitlement offer (Entitlement Offer)
• Approximately 305.5 million new ordinary shares (New Shares) representing 123.5% of existing shares on issue

• The Placement and Entitlement Offer will be conducted at a price of A$0.93 per new share (Offer Price), representing a:
− 9.3% discount to TERP2
− 16.6% discount to the last traded price of A$1.115 as at 22 October 2019


Interesting that 2 x notable short alerts were reported 21/10 and 22/10 - 2 days before the TH and CR announcement - was someone in the know?
QUOTE
Tue 22nd Oct, 2019 3,872,771 247,396,855 1.56% 3,168,077 122.24%
Mon 21st Oct, 2019 4,670,132 247,396,855 1.88% 2,850,243 163.85%

https://www.shortman.com.au/stock?q=KAR



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 21 2019, 06:26 PM
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In Reply To: blacksheep's post @ Jul 30 2019, 11:28 AM

Oil marketing agreement and credit approved 50 MM USD working capital facility terms signed
with Shell West

QUOTE
Karoon Energy Ltd (“Karoon”) is pleased to announce that its wholly-owned subsidiary, Karoon Petróleo
e Gás Ltda (“KPG”), has signed a marketing agreement with Shell Western Trading and Supply Limited
(“Shell West”), a member of the Royal Dutch Shell plc group of companies, to trade and ship crude oil
production from the Baúna field Brazil.

The marketing agreement is for a term of up to 5 years and provides Karoon with access to Shell West’s
global marketing and shipping platform.

As part of the marketing agreement negotiation, Karoon and Shell West have now agreed terms, and
Shell West has obtained internal credit approval, for a US$50 million term loan facility at Karoon’s
Australian business level. It is intended that this loan facility will be used as a reserve working capital
facility.
Karoon will now seek to finalise the loan facility documents under usual commercial terms.

These agreements are subject to financial completion of the Baúna transaction and entry into the loan
facility is subject to completion of due diligence and negotiation and finalisation of definitive
documentation.

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 30 2019, 11:28 AM
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In Reply To: plastic's post @ Jul 29 2019, 04:49 PM

Yes - SP has done well, although there are a couple of gaps @ $1.265 and $1.72. SP currently $1.76 - might be time for a breather?


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
plastic
post Posted: Jul 29 2019, 04:49 PM
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Thanks: 285


Somebody was on the money. Hope he made it all back.



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What did Uncle Mel do to us?
 
blacksheep
post Posted: Jul 27 2019, 04:22 PM
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In Reply To: plastic's post @ Mar 2 2019, 07:32 AM

Karoon Energy Ltd signs binding Baúna Sale and Purchase Agreement Acquisition Highlights
QUOTE
• Realises Karoon Energy Ltd’s (Karoon’s) highest priority strategic goal of acquiring a high
quality, cash generating production asset
• 100% operating interest in the Baúna light oil field producing approximately 20 Mbopd
• US$665 million headline purchase price offset by operating cash flows from the effective date,
1 January 2019
• Transaction subject to final Brazilian regulatory approval, which is expected in the first half of
calendar year 2020


QUOTE
RBC Capital Markets oil and gas analyst Ben Wilson said the purchase of the oil field represented "nearing the end of a long road for Karoon in Brazil, after multiple false starts".

"We think the market will view this transaction favourably both in terms of price paid but also for what it means in terms of the creation of a large oil producing mid cap, which is a rarity for the ASX."

https://www.afr.com/companies/energy/karoon...20190725-p52aks

Market seems to agree - ATM anyway
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
plastic
post Posted: Mar 2 2019, 07:32 AM
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Posts: 9,592
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Someone once told me that this was a good company to keep adding to over an extended period of time. I have watched and watched and watched thinking it must soon be a buy but it never has been. It has been a perennial non-performer albeit with some great assets.

Does anyone have an opinion on this now?

I often wonder if it could be the next Woodside. Everyone says peak oil has been and gone. That green energy is the way of the future. I say humbug. Oil will be here for a long time to come. The best time to buy is when the per barrel price is low. Which is now because that is reflected in the share price.






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What did Uncle Mel do to us?
 

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Share Cafe Sentifi Top themes and market attention on:


blacksheep
post Posted: Jun 28 2018, 03:42 PM
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In Reply To: blacksheep's post @ Jan 10 2018, 11:06 AM

No news, but the SP is up 6.16% on decent volume
https://www.shortman.com.au/stock?q=kar
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 10 2018, 11:06 AM
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SP up 2.39% @ $1.3925 following today's farm-out announcement
QUOTE
]Karoon Farm-out to Tullow 35% of Block Z-38, Tumbes Basin Peru[/b]

Karoon Gas Australia Ltd (ASX: KAR) is pleased to announce the farm-out of a 35% interest in offshore
exploration Block Z-38, Tumbes Basin Peru to Tullow Peru Limited, a wholly owned subsidiary of
Tullow Oil plc (‘Tullow’).

Pursuant to the Farm-out Agreement (‘Agreement’), Tullow will acquire a 35% interest in the block on
the following terms:

1. Fund 43.75% of the cost of the first exploration well, capped at US$27.5 million (at 100%),
beyond which Tullow will pay its 35% share.

2. Pay US$2 million upon completion with a further US$7 million payable upon declaration of
commercial discovery and submission of a development plan to Perupetro.

The Agreement remains subject to the satisfaction of certain licensing conditions and regulatory
approvals. Following completion of the farm-out well, Tullow will have an option to assume
operatorship of the block.

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 14 2017, 06:52 PM
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In Reply To: nipper's post @ Nov 14 2017, 05:04 PM

Might also be something said in at the AGM hit a note with investors - cost cutting, looking to acquire income producing assets and/or getting someone on board to share in the development costs of their Brazilian discoveries?

QUOTE
The challenging conditions for the oil and gas industry continued for all of financial year 2017.
Although the oil price bounced back from the very low prices of early 2015 the recovery ran out of
steam and prices have largely been tracking sideways for nearly all of 2017. The industry specialists
and analysts now tend to refer to oil prices remaining lower for longer and long-term forecasts for
prices have largely been lowered.

Faced with this outlook, participants in the industry, including the oil majors, have been deferring
expansions and developments and in particular, significantly winding back their exploration
programmes. This has had a major effect on Karoon and its well formulated exploration led growth
strategy. It has made the introduction of partners into our drill ready prospects quite difficult. At the
same time, rig costs have been reduced substantially and FPSO charter rates, well heads and all the
ancillary equipment charges dramatically reduced. Oil services companies are also very keen for work.
In light of this new industry environment Karoon has significantly modified its strategy. We are
essentially pursuing a three-pronged approach.

Firstly, we are using the downturn to look for producing assets for acquisition. Even in the present
environment finding the right asset at a value creating price has proven difficult. In fact, when you
look over the history of the industry most acquisitions take place at the top of the cycle when prices
are high, not at the bottom when the attitude of participants has been to bunker down and try to ride
out the depressed times. Nevertheless, the Managing Director and his team have been working very
diligently in the course of the year at acquisitions and at present have a number of projects in the final
stages of evaluation and negotiation. This initiative has resulted in Karoon developing the people and
skills to efficiently and effectively evaluate opportunities.

The second approach Karoon has been following is to look at innovative ways to get our now 100%
owned Brazilian discoveries into production by taking advantage of the significantly lower
development cost regime, the willingness of service providers to share development risk and through
the adoption of innovative engineering solutions. We have concentrated this work initially on our
Echidna discovery in the Santos Basin and are aiming to reach a Final Investment Decision (FID) this
financial year.

The third approach has been to use the downturn to upgrade our exploration portfolio. Success can
never be guaranteed in exploration, but projects can be evaluated against each other and those with
the better chances pursued preferentially. Karoon was successful in being awarded a new area in the
Santos Basin of Brazil in bid round 14 conducted by the Brazilian Government. Mark Smith shall
elaborate on this exciting acquisition shortly.

The company is also looking at every way it can to reduce its cost base, save funds during what may
be a prolonged downturn. In fact, in the previous 12-month period, Karoon has reduced staff numbers
by 20% and is currently reviewing its overhead structure.

Our aim over the next year or so is to become an oil producer with a robust stable income stream so
as to be able to support our ongoing exploration led growth strategy and associated development
activities.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Nov 14 2017, 05:04 PM
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In Reply To: blacksheep's post @ Nov 14 2017, 04:22 PM

hard to say, but this, wrt Shell /Woodside, today may provide some clues:
QUOTE
..if the oil price holds up, the three-year hiatus in industry investment will have to end with a surge in capital expenditures by the majors to replenish their reserves. There are signs that process is already starting to occur
especially when coupled with
QUOTE
..OPEC raised its forecast for demand for its oil in 2018 and agreed output cuts were reducing excess oil in storage.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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