InvestSMART

Karoon Energy Ltd (ASX:KAR)

ALERT: Price-sensitive ASX Announcement for KAR
Current share price for KAR : $1.735 0.475 (37.70%)+
Announcement
Release
29 Jun 2026 9:13AM
Price at Release
$1.260
Full Release
download
Summary
Karoon Energy Ltd has announced the successful restart of production at the Baúna SPS-92 well following a well intervention to replace the electrical submersible pump. This has increased the total production of the Baúna Project to approximately 20,500 barrels of oil per day. The company anticipates a further production increase once the PRA-2 well is reconnected. While the intervention costs exceeded initial estimates due to weather and operational challenges, the company remains focused on maintaining strong production efficiency and expects significant cash flow improvements in the latter half of 2026. The capital expenditure guidance for 2026 has been updated to reflect these changes, with a stronger operating platform anticipated.
Key Points
  • Baúna SPS-92 production was successfully restarted following a well intervention.
  • SPS-92 is now producing at a rate of 8,600 barrels of oil per day (bopd).
  • Total production from the Baúna Project has increased to approximately 20,500 bopd.
  • Further production uplift is expected once the PRA-2 well is reconnected.
  • Intervention costs were higher due to weather-related downtime and wellbore debris.
  • Baúna's 2026 capital expenditure guidance has been revised upwards.
  • Karoon anticipates strong cash flow generation in the second half of 2026.
  • Karoon Energy's focus includes maintaining high health, safety, and environmental performance.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.