Australian oil and gas explorer Karoon Energy faces production decline at its Baúna oil field in Brazil, causing a 27.1% share price drop.
Karoon Energy, an Australian oil and gas explorer, is addressing challenges faced in the first half of the year due to operational issues at its Baúna oil field off Brazil, where production fell from 5.4 million to 3.5 million barrels. The company’s share price has declined by 27.1%. However, its Who Dat well in the U.S. Gulf of Mexico yielded 1.5 million barrels. Karoon aims to decide on developing its Neon oil field by the end of next year.
September 14, 2024
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