Karoon Gas Australia (KAR)

Shares / Stock Code

KAR

Stock Exchange / Sharemarket

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Karoon Gas Australia (KAR) also known as Karoon is an exploration company, principally focused on the identification, exploration and development of oil and gas reserves. The Company is currently exploring for hydrocarbons and natural gas resources in the offshore Browse and Bonaparte basins situated in Western Australia and in the Santos and Tumbes basins situated in South America. Karoon was listed on the Australian Stock Exchange (ASX) on 8th June, 2004.

During fiscal 2008, KAR had been primarily engaged in investing in hydrocarbon exploration in Australia, Peru and Brazil. In Australia, Karoon’s exploration portfolio comprises a 1900 square kilometer seismic survey followed by processing and interpretation in permit WA-398-P. It also includes the analysis of existing seismic data in WA-314-P and WA-315-P. Karoon holds 66.67% equity in the Bonaparte Basin Permit AC/P8. Bonaparte Basin is recognised for having proven hydrocarbon resources. Karoon Gas Australia holds interest in five blocks 1037, 1101, 1102, 1165 and 1166 in offshore shallow water Santos Basin, Brazil. The blocks span over an area of 850 km 2. In South America, Karoon was awarded by the ANP, Brazilian Petroleum Regulatory Body.

Karoon also holds license to farm into Peru Block Z-38 situated in the Tumbes Basin, where Karoon has opportunity to earn up to 60% equity by completing 2D and 3D seismic program. KAR is seeking for opportunities in sedimentary basins where existing petroleum reserves and infrastructure facilities are available.

Karoon Gas Australia History

KAR was incorporated as a public company in November 2003. It made its debut on the Australian Stock Exchange on 8 June 2004. Karoon completed the acquisition of two leases in Browse basin in early 2005.