Karoon Energy (KAR) - une situation très spéciale !

Sociétés dévoilées une fois vendues ou avec un potentiel réduit, suite à la forte hausse du cours par exemple

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les daubasses
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Message par les daubasses » 18 juin 2020, 10:47

L’administratrice indépendante Luciana Bastos de Freitas Rachid acheté ces derniers jours 52 960 actions sur le marché pour un montant total de 33 624,11 dollars australiens (AUD). Ce qui revient à un prix payé de 0,635 AUD par action.

Le montant n'est pas très significatif. Mais c'est déjà ça.
Là où ça devient plus intéressant, c'est que cette administratrice ne possédait aucune action de Karoon Energy avant cet achat. :idea:

A noter que Luciana Bastos De Freitas Rachid est CEO de la société de transport de gas brésilienne Transportadora Associada de Gas SA, comménent appelée 'TAG', une société détenue à 58,5% par la société française Engie et à 10% par le géant pétrolier brésilien Petrobras.

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Lien vers le document officiel :
Achat d'actions sur le marché - 15 juin 2020 | Karoon Energy
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cedru
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Message par cedru » 03 juillet 2020, 18:23

Pas mal de vendeurs de fonds sur le titres.

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14 ans de bourse / Essentiellement AT / Beaucoup de pertes après une remise en cause il y a 2 ans.

ctoime
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Message par ctoime » 29 juillet 2020, 13:12

Hello

From the local newspaper: 27 July

https://www.afr.com/companies/energy/ka ... 727-p55fqn
The oil price crash sparked by the COVID-19 pandemic has empowered junior Australian oil and gas explorer Karoon to renegotiate its $1 billion deal to buy the Bauna field from Brazil's state-controlled Petrobras.

Karoon Gas chief executive Bob Hosking. Paul Jones
Karoon shares jumped as high as 82.5¢ before finishing the day 11.3 per cent higher at 74¢ on news the Bauna transaction terms have been altered to allow the explorer to pay less cash up front and pay the remainder out to 2026, depending on market conditions.
Karoon put the deal on ice in late April after the pandemic battered the oil price, hindering the explorer's chances of raising debt for the sale. The stock has lost 53 per cent in the past year amid a broad-based industry sell-off linked to the oil price plunge.
Karoon's chief financial officer, Scott Hosking, said the old terms of the $1 billion deal could not be justified when the oil price dropped from $US60 a barrel to $US30.
"When we did the original deal ... we had the oil price in the $US60s. We went to Petrobas and said 'we can't justify a deal which is done at $US35 a barrel, paying the same price we would have paid at $US65'," Mr Hosking said.

Karoon negotiated a position where Petrobas could get the pre-pandemic purchase price for the Bauna field only if the oil price bounces back $US50-70/bbl.
"That means we'll pay some contingency along the way but we won't pay the full price for the asset until the asset becomes that value," Mr Hosking said.
Morgans analyst Adrian Prendergast said this was good news because Karoon no longer needs to raise debt to finance the deal, which was first struck when oil was about $US60 a bar. It has since dropped to about $US40.
Revised deal is positive
"The Petrobas announcement is the positive news we were hoping for. With the key positive being our view that the revised deal structure Petrobas has announced paves the way for Karoon to proceed without the need for debt," he wrote in a note.
RBC Capital Markets analyst Gordon Ramsay agreed the revised deal was positive for Karoon.
"[T]his development significantly derisks Karoon, as it now becomes an unhedged oil producer that is not affected by restrictive debt financing terms," he wrote in a note.
Karoon had agreed to acquire a 100 per cent stake in the shallow-water Bauna field for $US665 million in July 2019.
The total value of the deal remains roughly equivalent, but under the new terms Karoon has until 18 months after the deal has closed to pay $US180 million ($252 million) of a $US380 million agreed price.
A further $US285 million payment will be contingent on the oil price rising to between $US50 and $70/bbl.
Of the $US380 million, Karoon has already made a $US50 million downpayment and, as of Monday, paid another $US150 million.
The impact of the COVID-19 pandemic and the consequent difficulty Karoon faced meeting the conditions in the original sales agreement underpinned Petrobras' decision to allow the restructure and sacrifice short-term revenue, the Brazilian company said in a statement.
Karoon expects the revised transaction to close this quarter.
Located in the Santos basin off the coast of Brazil, the Bauna field produces about 16,000 barrels a day but has the potential to ramp up to 46,800 barrels a day, through the floating production, storage and offloading unit, Cidade de Itajai.
Christian

ctoime
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Message par ctoime » 29 juillet 2020, 13:15

And another one:

https://www.afr.com/companies/energy/ka ... 729-p55ggs
Karoon Energy CEO to step down after 16 years
Angela Macdonald-Smith and Elouise Fowler
Jul 29, 2020 – 10.51am


Oil and gas player Karoon Energy is poised for a shake-up in its leadership after longstanding chief executive Robert Hosking advised he will retire, following several years of shareholder dissatisfaction with executive pay.
Mr Hosking, whose son Scott was company secretary until last month and remains as chief financial officer, has been at the helm of the junior explorer that he founded for 16 years.

Robert Hosking announced his retirement days after agreeing a deal that will transform Karoon. Paul Jones
The move came just days after Karoon successfully renegotiated a $US665 million ($927 million) acquisition in Brazil to take account of the crash in oil prices, a move that sent its shares up 11 per cent. The purchase of the offshore Baúna oil field will transform Karoon from an explorer into a mid-cap oil producer.
"Having transformed Karoon from an $8 million pure-play exploration company in the onshore Gippsland Basin, to making offshore gas discoveries in the Browse Basin, reaching the ASX 200 Index, developing a strong business in South America and finally leaving the business as an emerging production company with high-quality organic growth options, I believe that I am leaving Karoon in a strong position with an exciting future," Mr Hosking said in a statement on Wednesday.
Shares in Karoon closed 0.7 per cent higher at 74¢, after reaching as high as 79¢ in morning trade.

Karoon investor and fund manager at Katana Asset Management Romano Sala Tenna praised Mr Hosking's eye for oil and gas exploration and for sealing the "fantastic" Brazil deal. But he said it made sense for Karoon to replace him as the company moves into the next phase.
"The way they managed to do that deal without a debt hedging position is fantastic. We were blown away they could put this deal together."
"We've got a lot of time for Bob and his exploration expertise. He wore a bit thin on institutional investors because it's been a long road to this juncture and a lot of investors lost faith in management. That's not our position."
"The heavy lifting has been done and it makes sense to bring someone new," he said.
Mr Hosking was executive chairman until the appointment of an independent non-executive chairman in late 2014, easing some concerns about corporate governance at the company. He will step down at this year's annual shareholder meeting, which typically takes place in November.
Karoon Gas chief executive Bob Hosking.


Karoon surges on friendlier Brazilian deal terms
The 2019 AGM was the third consecutive year time that shareholders voted by more than 25 per cent to reject the remuneration report. Some 43.5 per cent of shareholders also voted against performance shares for Robert Hosking, which he blamed on "residual investor frustration from previous years".
Karoon's board has engaged a specialist search firm to carry out a global search for a replacement CEO, the company said.
The revised terms for the Brazilian deal will see Karoon pay $US150 million upfront, with a further $US230 million payable up to 18 months later. The remaining $US285 million depends on the price of oil from 2022 to 2026.
Chairman Bruce Phillips paid tribute to Mr Hosking's vision and contribution towards the growth of Karoon.
"Not many people understand how difficult it is to build a company starting with only an idea in your head," Mr Phillips said.
"Bob's entrepreneurial skills, dealing capability and tenacity have been the driving forces in getting Karoon to where it is today."

Disc: No position
Christian

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les daubasses
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Message par les daubasses » 29 juillet 2020, 13:41

Cours actuel : 0,735 AUD

C'est donc le scénario numéro 2 qui est validé avec une forte révision à la baisse du prix d'achat de l'actif brésilien.
Le voici pour rappel :
les daubasses a écrit :
18 avril 2020, 11:04

2) Le scénario moyen :
Le deal avec Petrobras se fait (board et management trop mouillés, trop engagés pour reculer), mais à un prix revu fortement à la baisse. Dans ce cas, la dette ne serait peut-être pas entièrement levée, voire annulée ? Dans ce scénario, on pense que Karoon aurait encore une trésorerie nette largement positive pour financer à l'aise d'autres projets d'acquisition.
Le prix est a été tellement revu à la baisse que la société n'a plus besoin d'emprunter pour financer cette acquisition et il lui restera même du cash en caisse.

Chapeau bas. Belle opération !

Sur ce fait d'arme, le CEO et fondateur de la société décide de passer la main.

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Présentation du nouveau deal à télécharger :
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jackjack
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Message par jackjack » 29 juillet 2020, 16:40

En fait, si j'ai bien relu les posts précédent, le prix d'acquisition reste identique seules les conditions de paiement (avec un étalement plus important dans le temps) changent. Votre conclusion reste de toutes les façons la bonne : a priori possibilité d'acquisition sur fonds propres.

merci pour toutes ces infos.

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les daubasses
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Message par les daubasses » 29 juillet 2020, 16:43

En effet, les paiements futurs à Petrobras sont sous conditions d'un niveau de baril de pétrole plus élevé. Comme l'actif en cours d'acquisitions est déjà en production, les cashflows générés par l'acquisition devraient permettre de pourvoir à ces paiements futurs éventuels.
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les daubasses
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Message par les daubasses » 17 août 2020, 13:48

Cours de clôture de ce matin à la bourse australienne = 0,85 AUD.

Soit une hausse de +63,5% depuis le lancement de cette situation spéciale présentée le 18 avril (pile poil 4 mois) à un cours de 0,52 AUD. Mission remplie ! :)

Karoon Energy_daubasses vDEF.png
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Sauf rebondissement de dernière minute ou événement exceptionnel, nous ne suivrons plus l'actualité de cette société.
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