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’s projects are in 3 key geographies, Australia, Brazil and Peru:
Australia – Karoon has a working interest in 2 off-shore permits in the Browse and Carnarvon basins. The permits are located approximately 300 to 350 kilometres from the north Western Australian coastline and cover a combined area of 15,492 square kilometres.
Brazil – Karoon has a working interest in 5 offshore blocks in the Santos Basin. The blocks are located approximately 200 kilometres from the coastline of the State of Santa Catarina and cover an area of 549 square kilometres.
Peru – 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.