Lots to like here and look forward to:-
- Bauna Intervention, Patola Production and Neon Control well CAPEX came in lower than previously forecast.
- Deferred Payment on Bauna US$84.5m to Petronas made in January 23, paid from internal cash flow.
- True Up US$43m on Brazilian Taxes also paid from internal cashflow.
- CAPEX of US$64.7m also paid from internal cashflow.
- No debt drawdowns on (2, 3 & 4 above) means Karoon is ahead of its business plans, thanks to strong production and prices in 2HCY22.
- Hedging not required on debt facility, saves costs as no material drawdown.
- Patola production at 12-15k per day is well ahead of 10k targeted.
- Neon Concept Selection decision in first quarter of CY24 bodes well for 2nd asset development.
I am intrigued by the cash flows in FY23/24 once the maintenance is complete in May.
33,000-35,000 bbls/day,
= 12m bbls of production FY23/24
@US$80/bbl/
= US$960m or A$1.4bn of revenue.
@12/bbl cost of production
Karoon should be generating A$800m of pretax, pre CAPEX cash flow on A$1.2m market cap........ Exciting for long term Karooners.
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Price($) | Vol. | No. |
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