Karoon Gas Australia Ltd (Karoon) is a global oil and gas exploration 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$4 million. Since listing, Karoon has acquired a global portfolio of oil and gas exploration assets.
Karoon typically looks for high equity interests in early stage exploration opportunities containing large potential targets in basins with proven Petroleum Systems. Karoon strives to create shareholder value through the geotechnical work-up of the acreage, leveraging its high equity interests to explore and appraise these opportunities.
While the company’s core strategy is identifying off-shore early stage exploration opportunities, Karoon’s longer-term strategy is to retain residual equity interests in the assets as they go into production.
Karoon currently has assets in Australia, Brazil and Peru with our major Brazilian asset currently preparing for appraisal and development. This will be the first time Karoon has reached production and represents a new phase in Karoon’s history.
Karoon’s strong position within the oil and gas industry ensures Karoon is able to consider opportunities to acquire exploration and production assets that add value to shareholders and complement the existing portfolio.
Karoon has a working interest in permits in three major Australian off-shore basins. Two permits, in the Browse and Carnavon Basins, are located approximately 300 to 350 kilometres from the north Western Australian coastline and cover a combined area of 15,492 square kilometres. The third permit is in the Ceduna Basin in the Great Australian Bight, covering an area of 17,793 square kilometres.
Karoon has a working interest in 6 offshore blocks in the Santos Basin. The blocks are located approximately 200 kilometers from the coastline of the State of Santa Catarina and cover a combined area of approximately 720 square kilometers.
Karoon has a working interest in an off-shore block in the Tumbes Basin. The block is located approximately 10 kilometres from the north-west coast of Peru and covers an area of 4,750 square kilometres.