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Karoon Energy Ltd (ASX:KAR)
ALERT: Price-sensitive ASX Announcement for KAR
Current share price for KAR : $1.790 0.37 (26.06%)+
Announcement
Release
10 Jul 2026 1:22PM
Price at Release
$1.420
Full Release
Summary
Karoon Energy Ltd announced that the Brazilian Government has extended the temporary crude oil export tax of 12% (7.92% after tax) for an additional 60 days. This tax, initially set to expire on July 9, 2026, was introduced on March 12, 2026. The company is continuing to pursue legal actions to recover any taxes paid under this measure. Additionally, exports to the European Union might benefit from a reduced 6% tax rate under the Mercosur-European Union trade framework. Karoon Energy plans to optimize its export markets to achieve the highest net realized prices.
Key Points
- Brazilian Government extends temporary crude oil export tax for 60 days.
- The export tax rate is 12% (7.92% after tax).
- Legal challenges by the industry are ongoing to seek refunds for tax payments.
- Oil exports to the European Union may qualify for a reduced 6% export tax rate under Mercosur-EU trade agreements.
- Karoon Energy will choose markets based on best net pricing outcomes.
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.
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