Karoon Energy Ltd ( (AU:KAR) ) just unveiled an update.
Karoon Energy Ltd.’s Brazilian subsidiary has completed the acquisition of the Baúna FPSO, Cidade de Itajaí, for a total of US$123 million. This acquisition marks a significant step in Karoon’s transition from an explorer to an operator of offshore oil and gas production assets, allowing the company to have strategic control over the facility, potentially reducing costs and extending the field’s life. The transition services agreement with the previous owners ensures operational continuity, and a tender process for new service providers is underway.
More about Karoon Energy Ltd
Karoon Energy Ltd. is an international oil and gas exploration and production company with assets in Brazil, the United States of America, and Australia. It is listed on the Australian Securities Exchange (ASX) and aims to be a leading, independent energy company that adapts to a dynamic world in an entrepreneurial and innovative way, providing energy safely, reliably, and responsibly.
YTD Price Performance: 8.43%
Average Trading Volume: 5,016
Technical Sentiment Signal: Buy
Current Market Cap: $685.3M
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