Karoon Energy

Shares in Karoon Gas slumped as much as 32 per cent today after a recent well drilled to test a new gas discovery in the Browse Basin did not deliver the gas flow investors had been hoping for.

Victorian-based Karoon Gas has reached a deal with joint venture partner ConocoPhillips to acquire an additional 50 per cent interest in Browse Basin permit WA-314-P.

Karoon Gas has received federal environmental approval to commence drilling at its Browse Basin gas permits off the Western Australian coast.

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Karoon Gas has farmed out a 50 per cent stake in an oil and gas exploration permit in the Carnarvon Basin to Apache Corporation for an initial cost of $US9 million.

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Origin Energy has completed its acquisition of Karoon Gas’s 40 per cent interest in its Browse Basin permits, which include the Poseidon gas discovery.

Perth-based oil and gas services company DownUnder GeoSolutions (Dug) has seized the chance to capitalise on what may be Australia’s biggest oil find in decades by commissioning the nation’s largest seismic survey.