Karoon Energy Ltd
KAR.AX
Australian Securities Exchange1.38
AUD
-0.01
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Karoon Energy Ltd
KAR.AX
(Australian Securities Exchange)
Recent
price
1.38
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Karoon Energy Ltd is an Australia-based international oil and gas exploration and production company listed on the ASX (KAR) with principal assets in Brazil, the United States and Australia. Founded in 2003 and headquartered in Southbank, Victoria, the company operates the Baúna Project in Brazil's Santos Basin concession BM-S-40, which it fully owns and manages, encompassing the Bauna, Piracaba and Patola light oil fields tied back to the Cidade de Itajaí FPSO with nameplate capacity of 80,000 barrels of oil per day; the Neon oil field discovery and associated Goia field in block S-M-1037; six new Santos Basin exploration blocks (S-M-974, S-M-1038, S-M-1484, S-M-1605, S-M-1358, S-M-1603) won in the ANP 5th Permanent bid round in June 2025 pending formal grant; and additional exploration blocks including S-M-1356, S-M-1482 and S-M-1537. In the US Gulf of Mexico, Karoon holds a 30% working interest in the producing Who Dat and Dome Patrol fields and associated infrastructure, approximately 16% in the Abilene field, plus exploration acreage including Who Dat East (40%), Who Dat South (30%) and Who Dat West (35%), all operated by LLOG Exploration. Baúna crude, with API gravity of 33-38 degrees, is marketed under an agreement with Shell Western Supply and Trading Limited at a Brent-related price; Who Dat production comprises oil, condensate, NGLs and gas processed at the Who Dat FPS with 40,000 bopd and 150 MMscfpd capacity. Recent developments include the April 2025 acquisition of the Baúna FPSO for US$115 million from Altera & Ocyan to enhance production reliability ahead of full operatorship transition by mid-2026; entry into the Neon Define phase in April 2025 with FEED underway, FPSO identification, well optimisation and a planned 3Q25 farm-down targeting 30-50% interest to share US$0.9-1.2 billion capex; completion of a US$87.6 million contingent payment to Petrobras in January 2025 with reduced future obligations; a US$75 million on-market share buyback announced in January 2025 with US$16.3 million utilised by June 2025; relocation of corporate head office roles from Melbourne to Houston and Rio de Janeiro incurring US$3.1 million costs in 1H25; and successful SPS-88 well intervention resuming production in March 2025, boosting Baúna output to 3.94 MMbbl in 1H25. Karoon targets scalable Santos Basin hub development incorporating Neon, Goia and Piracucá, alongside Who Dat infill drilling and debottlenecking.