About Karoon Gas:
Karoon Gas Australia Ltd is a global oil and gas exploration company with its headquarters based in Melbourne, Australia and offices in Brazil and Peru. It was listed on the Australian Securities Exchange (‘ASX’) during June 2004 (ASX code: KAR).
From an original market capitalisation of $4 million, Karoon has grown to its current status amongst the top 10 largest oil and gas stocks listed on the ASX by market capitalisation. During 2008, it was also included as a participant in the S&P/ASX 200 Index.
The Karoon Group is principally engaged in hydrocarbon exploration and evaluation in the following three key geographic locations:
Karoon has built a highly specialised exploration team. This, along with the application of cutting edge technology, assists Karoon in sourcing highly prospective acreage in accordance with its core strategy.
As part of its commitment to corporate social responsibility, Karoon conducts its business ethically, with transparency and integrity. Karoon encourages community initiatives, is considerate to the environment in which it operates and provides a safe, equal and supportive workplace. During its relatively short history, Karoon has identified and then acquired prospective oil and gas acreage, completed a number of joint venture agreements with reputable oil and gas companies and has been a joint venture partner in several successful exploration wells both in Australia and Brazil.
Karoon’s core strategy has been to identify and gain early entry into highly prospective hydrocarbon basins, with high equity, large potential targets and a proven petroleum system. Then explore and appraise that acreage with the aim of delivering organic value creation for shareholders though the commercialisation of its assets.
Karoon has worked its offshore exploration permits to date with great success. It has been involved in the discovery of hydrocarbons in the Browse Basin (Australia) and in the Santos Basin (Brazil). Karoon is presently embarking on a global drilling campaign that adheres to its core strategy of identifying and exploring for oil and gas in highly prospective acreage whilst retaining relatively high equity during the exploration and evaluation phase. By leveraging off high equity ownership positions Karoon believes it will provide the greatest value for shareholders through commercial outcomes. Karoon’s exploration and appraisal assets in Australia, Brazil and Peru provide great opportunities and provide for an exciting future for shareholders
2005-Acquired exploration permits WA-314-P and WA-315-P in the Browse Basin(100%)
2006 - Farm-out to ConocoPhillips 60% equity interest of above permits
2007 - Awarded exploration permit WA-398-P in the Browse Basin (40%)
2008 - Acquired 1,900 sq km 3D seismic survey within WA-398-P
2009 - Poseidon gas discovery, from drilling the Poseidon-1 exploration well
2010 - Discovery and production test at Kronos-1 exploration well
2010 - Acquired 2,828 sq km 3D seismic survey over the whole of the greater Poseidon structure and surrounds
2011 - Increased its equity interest in WA-314-P from 40% to 90%
2012 - Discovery and production test at Boreas-1 exploration well
2012 - Farm-in to exploration permit WA-482-P, in the North Carnarvon Basin (100%)
2007 - Awarded 5 exploration Blocks in the Santos Basin (100%)
2010 - Acquired 750 sq km wide azimuth 3D seismic survey (first in Brazil) over its Santos Basin Blocks
2010 - Farm-in to Petrobras exploration Block S-M-1352 (20%) in the Santos Basin, Maruja discovery*
2012 - Farm-out 35%** of 4 exploration Blocks in the Santos Basin to Pacific Rubiales Energy Corp*
2013 - Discovered 42 gravity API oil column at Kangaroo-1 exploration well
2008 - Farm-in to exploration Block Z-38, in the Tumbes Basin (60%) **
2009 - Awarded exploration Block 144, in the Maranon Basin
2009 - Acquired 2,300 km 2D seismic within Block Z-38
2010 - Acquired 1,500 sq km 3D seismic within Block Z-38
2011 - Equity interest in Block Z-38 increased to 75%**
*Subject to regulatory approval
** Subject to completion of farm-in obligations