Just a few of my scratched notes below from the call. I may have...

Just a few of my scratched notes below from the call. I may have missed or misheard some details so probably best to listen to it back in it’s entirety to catch everything:

1. Morgan Stanley: Why has the budget increased from 130m to 190m?
JF: 130m was a figure put out before JF’s arrival but believes he has competitive contracts in place and cited some examples from tendering process

2. Morgan Stanley: How quick can hedging be put in place to take advantage of current high oil prices?
SH: It will take approximately 2 weeks to get heads of agreements with lenders. These agreements will be the basis upon which hedging will be established.

3. Morgans: Different characteristics between Bauna & Patola?
JF: Bauna 10% decline rate. Has not been declining as much as expected when took over last November

4. Morgans: Further opportunities to acquire/develop assets given strength of Balance Sheet?
JF: Operations team excellent keeping production reliable. Maintenance down days are getting on top of maintenance issues when we inherited. Commentators bullish about oil prices. JF happy to bank the cash at these levels but hesitant to speculate where prices could go. Karoon always in the market to look at new attractive opportunities especially in Santos and Campos basin where we know the geology well. Petrobras and others are bringing assets to market and Karoon will be part of those processes. Concentrated on safety and delivering on 2 projects. Have small new ventures and new deals team. At the right time will certainly want to look at how can add to great profile currently putting together.

5. RBC: Congrats on great facility – better terms than expected! Shell manages offtake and are also lender how does this work?
JF: Shell good and consistent partner in marketing and happy to bring into the facility and come to the party with a high degree of knowledge and for them it’s low risk.
SH: Provisions within the debt package which benefit us and the rest of the group through having them in the group. Shell doesn’t have voting rights on decisions so effectively strengthens the facility. Debt is not evenly split as the banks had more appetite (one had wanted closer to 50% and one had wanted closer to 35%) Shell took up the balance.

6. RBC: Are the repayments 80m per year?
SH: Semi annual reduction of 40m. So repayment schedule is 80m per year.

7. RBC: Is there any update with the management changes?
JF: Management changes are progressing well. Expect to announce appointments and start in Q3. At short list stage now and expect to be in a position in the next few weeks to make announcement on positions.