Karoon Energy Ltd (KAR) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Karun Energy Limited 2023 half year results. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr Julian Fowles, CEO and Managing Director. Please go ahead. Yeah, thank you very much. And good afternoon, everyone. And thanks for joining our call. And to those on the webcast, as introduced, my name is Julian Fowles, the CEO at Karun Energy. I'm joined today by Ray Church, our chief financial officer, and Anne Diamond, who heads up our IR team. Earlier this morning, we released to the market our results for the first half of FY 2023, including a slide pack that we'll run through now. And we'll really just focus on the highlights, given that people have had a chance to look at and digest the pack already. So we can move to slide four, noting the disclaimer on slide two. This represents the first half highlights and our achievements, and I'll go through those as the headlines first off. So the headlines are we had a very strong first half, both operationally and financially, during which we also delivered on our key growth projects in Navona Interventions and in Patola. We managed to fund those activities through existing cash and cash flow from operations, meaning that we minimized the draw on our debt facilities, thereby reducing unnecessary spend while also retaining a high degree of liquidity. Safety, of course, remains top of our priorities, especially given the broad front of our current operations. Some of the key highlights are that relative to the first half FY22, we achieved a 275% incre...