Karoon Gas Australia Ltd. rose the most in 10 weeks after the gas exploration company said a discovery off the northwest coast is “comparable” with Woodside Petroleum Ltd.’s initial North West Shelf find.
Karoon gained as much as A$1.32, or 16 percent, the most since May 1, to A$9.80 on the Australian stock exchange. The stock closed at A$9.02., up 6.4 percent. The benchmark ASX 200 Index was 1.5 percent lower.
Find all the latest business news on KAROON GAS AUSTRALIA LIMITED published by all Fairfax Media News sources: The Sydney Morning Herald, The Age & Brisbane Times. You can:
- Check out the latest KAR share price
- Read the latest KAROON GAS AUSTRALIA Announcements on the ASX
- View KAROON GAS AUSTRALIA course of sales & price history
Together with ConocoPhillips, the second-largest U.S. refiner, Karoon is exploring for gas in the Browse Basin, which holds more than a third of Australia’s known offshore gas resources. The drilling program’s second well, Kon-Tiki-1, will start July 20, Mt Martha, Victoria state-based Karoon said in a statement filed to the Australian stock exchange today.
Stocks to watch Today on the Australian stock exchange
CSR - CSR LTD - down three cents at $1.57
CSR says it is considering a range of options for the planned demerger of its sugar and renewable energy business, and is still to make a final decision.
CMJ - CONSOLIDATED MEDIA HOLDINGS LTD - steady at $2.60
SEV - SEVEN NETWORK LTD - down one cent at $5.23
Seven Network Ltd owner Kerry Stokes remained silent on Monday about his foray onto the share register of James Packer's Consolidated Media Holdings Ltd.
FMG - FORTESCUE METALS GROUP LTD - up nine cents at $3.49
Karoon Gas Australia Ltd.
(KAR:Australian Stock Exchange
ABOUT KAROON GAS
Offshore Santos Basin
3 main leads with 100 to 200mmbl oil potential and/or multi TCF of gas prospective resources on 2D data. Additional lead mapping is ongoing using high quality Veritas DGC 2001 3D data.
Offshore shallow water Santos Basin, Brazil, on trend with the Caravela (oil) and Merluza (gas) fields. Karoon Gas has five blocks 1037, 1101, 1102, 1165 and 1166 covering an area of 850 km 2.
Within the permits there is potential for a range of play types from tilted fault block plays to salt related plays. Work program reprocessing, new seismic and geological studies will define the optimum play types and prospects over the next three years.
Elsewhere in the Santos Basin the giant new light oil discovery by Petrobras of the deep water Tupi field, to the east of the blocks awarded to Karoon, has altered industry perception of the commercial potential Santos basin. To date three quarters of Brazil's average daily production had been from heavy crude discoveries. The sub-salt Tupi field ensured strong competition in the latest round of bidding for exploration acreage in Brazil. Since the last round two more discoveries have been made by Petrobras joint ventures at Jupiter west of Tupi and within block BM-S-21 east of Tupi. The most recent field discoveries in this shallow water area of the southern Santos Basin has been the Early Cretaceous Guaruja Formation Cavalo Marinho Field in 2001 and the Late Cretaceous Itajai Formation Lagosta Field in 2003.
Karoon 100% equity from ANP bid round 9 (2007).