Karoon Energy Ltd (KAR) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Karoon Energy Limited 2024 full 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 via the phones, 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 the 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, Mel. And good morning, everyone. And thank you for joining our 2024 full year results webcast. My name is Julian Fowles, CEO at Karun. And I have with me this morning Ray Church, our CFO, Marco Brummelhaus, who leads Karun Brazil, and Anne Diamond, our head of IR. Earlier this morning, we released our 2024 full-year results to the market, alongside an announcement that we have signed a sale and purchase agreement to acquire the Bauna FPSO from the Altera Ocean Joint Venture. We shall discuss the FPSO acquisition a little later in the presentation. Now, moving on and noting the disclaimers on slide two, I'll move straight to slide four, which provides an overview of 2024. It was a challenging year in many ways, which saw a decline in our share price as we failed to meet our production targets, both at Bohuna and Hudat, and our safety performance was below our expectations. We'll discuss how we are addressing these issues and the actions we are taking during this morning's presentation. 2024 saw us deliver annual production of 10.4 million BOEs and sales revenue of 776 million US dollars, both some 13 to 14% up on 2023, while our underlying NPAT of $214 million was a slight improvement on 23. We have moved ...