Karoon Energy Ltd (KAR) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Karun Energy Limited 2024 half-year results. All participants are in listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question via the phone, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via webcast, please enter it into the ask a question box and click submit. I would now like to hand the conference over to Mr. Julian Fowles, CEO and Managing Director. Please go ahead. Thank you, Kayleigh. Good morning, everyone, and thank you for joining our 2024 half-year results webcast. My name is Julian Fowles, and I'm the CEO at Karun, and I have with me this morning Ray Church, our CFO, and Anne Diamond, our head of IR. Earlier this morning, we released our 2024 half-year report and presentation to the market, which we're now going to talk through. Noting the disclaimers on slide two, I'll move through to slide four, which provides an overview of the first half of 2024. Karun's main focus during this period was on ensuring the safety and reliability and production from our base assets to support sustainable shareholder returns. We also progressed our organic growth opportunities in both Brazil and in the USA. The three-week shutdown of the Bona FPSO was completed as scheduled, and production is currently around 25,000 to 26,000 barrels of oil per day, in line with our expectations. Meanwhile, HUDAT production reached more than 42,000 barrels of oil equivalent per day gross at the end of June. Looking at our organic growth opportunities, the NEON Foundation project has entered Concept Select and work is underway ahead of a potential feed entry decision in early 2025. In the USA, the Hudat East well ...