Karoon Energy Ltd
ASX:KAR
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Karoon Energy Ltd
Karoon Energy Ltd. is an oil and gas exploration company. The company is headquartered in Melbourne, New South Wales. The company went IPO on 2004-06-08. The firm is focused on investments in hydrocarbon exploration and evaluation in Australia, Brazil and Peru. The firm's segments include Australia, Brazil and Peru. The firm's projects include BM-S-40, Block Z-38, WA-482-P, EPP46 and others. The BM-S-40 is located approximately 50 kilometers from Karoon’s Neon and Goia discoveries to the east and Clorita exploration block to the south. Its Australia segment operates in the exploration and evaluation of hydrocarbons in one offshore exploration permit area: WA-482-P. Its Brazil segment operates in the exploration and evaluation of hydrocarbons in three offshore exploration blocks: Block S-M-1037, Block S-M-1101, and Block S-M-1537. The firm's Peru segment operates in the exploration and evaluation of hydrocarbons in offshore exploration Block Z-38 and Area 73.
Karoon Energy Ltd. is an oil and gas exploration company. The company is headquartered in Melbourne, New South Wales. The company went IPO on 2004-06-08. The firm is focused on investments in hydrocarbon exploration and evaluation in Australia, Brazil and Peru. The firm's segments include Australia, Brazil and Peru. The firm's projects include BM-S-40, Block Z-38, WA-482-P, EPP46 and others. The BM-S-40 is located approximately 50 kilometers from Karoon’s Neon and Goia discoveries to the east and Clorita exploration block to the south. Its Australia segment operates in the exploration and evaluation of hydrocarbons in one offshore exploration permit area: WA-482-P. Its Brazil segment operates in the exploration and evaluation of hydrocarbons in three offshore exploration blocks: Block S-M-1037, Block S-M-1101, and Block S-M-1537. The firm's Peru segment operates in the exploration and evaluation of hydrocarbons in offshore exploration Block Z-38 and Area 73.
Earnings Decline: Underlying NPAT fell to $45 million, down 61% from the prior period, mainly due to lower oil prices and reduced sales volumes.
Production Up: Total production increased by about 200,000 barrels of oil equivalent compared to first half 2024, with strong Baúna performance.
Revenue Drop: Revenue was $308 million, down from $409 million in the first half of 2024, due to lower prices and sales volumes.
FPSO Acquisition: Completed acquisition of the Baúna FPSO, expected to lower costs and extend economic field life to 2039, with significant reserves increase.
Reserves Upgrade: 2P reserves at Baúna rose to 52.7 million barrels, a 45% increase from December 2024.
Improved Guidance: Upgraded Baúna production guidance to 7.3–7.8 million barrels of oil for 2025; unit operating cost guidance reduced by 10%.
Shareholder Returns: Returned $53 million to shareholders via dividends and buyback; leverage remained low at 0.6x.
Operational Challenges: Partial ESP failure at SPS-92 well limits production; full recovery not expected until at least Q2 2026.
