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Karoon Energy Ltd

Karoon Energy Ltd (Karoon) is a global oil and gas exploration and production company headquartered in Melbourne, Australia, with country offices in Brazil and Peru.

Karoon was listed on the Australian Securities Exchange (‘ASX’) on 8th June 2004 (ASX code: KAR) with a market capitalisation of A$8 million. Since listing, Karoon has acquired a global portfolio of oil and gas exploration assets.

Karoon was founded as an exploration led company, looking for unique opportunities containing large potential and proven targets in basins with proven petroleum systems. Through this strategy, Karoon strives to create shareholder value, by first applying its geographical and geotechnical expertise to identify valuable early stage acreage, then leverage high equity interests to explore and appraise and finally commercialise opportunities while retaining meaningful equity interests in the assets as they go into production.

This strategy proved successful, as shortly after listing Karoon made its first significant strategic move and acquired acreage in one of Australia’s emerging LNG provinces, the Browse Basin. Over the next decade the Browse region saw an unprecedented level of LNG activity, during which time Karoon discovered the multi-TCF Poseidon gas discovery 2009. Poseidon was subsequently sold by Karoon during June 2014 for US$600 million, and a contingent milestone consideration of up to US$200 million.

ASX Code
KAR

Sector
Energy

Website
https://www.karoonenergy.com.au/

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