Origin to buy Karoon's Browse permits

Karoon shares spike after selling 40% stake in exploration permits for up to $US800m.

Karoon Gas' shares have soared almost 60% after the group confirmed it is to sell its 40% stake in two exploration permits in Western Australia's Browse Basin to Origin Energy for up to $US800 million ($A859.1m).

At 10.15am (AEST), Karoon shares were 57.93% higher at $3.885, against a benchmark index lift of 0.02%.

In earlier trade, Karoon shares reached as high as $4.05, a 64.6% rise on yesterday's close.



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