An update from Karoon Energy Ltd ( (AU:KAR) ) is now available.
Karoon Energy Ltd reported a 9% decrease in production for the first quarter of 2025 due to a planned maintenance shutdown at the Baúna Project. Despite the production dip, the company completed significant maintenance work and resumed production at the SPS-88 well earlier than expected. The acquisition of the Baúna FPSO is on track, and a new contractor is being selected to operate and maintain the facility. The Neon Project has progressed to the Define phase, indicating potential value accretion for shareholders. Karoon also completed a US$25 million share buyback and plans further buybacks, emphasizing its focus on safe operations, financial discipline, and long-term growth amidst market volatility.
More about Karoon Energy Ltd
Karoon Energy Ltd is an independent oil and gas exploration and production company. It primarily operates in the oil and gas industry, focusing on projects in Brazil and the US Gulf. The company is involved in the development and production of oil fields, with a market focus on low-cost operations and organic growth opportunities.
YTD Price Performance: -10.96%
Average Trading Volume: 4,596
Technical Sentiment Signal: Buy
Current Market Cap: $582.8M
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