- Karoon Energy (KAR) finishes the June quarter with a growth in production amid increasing oil prices
- During the period, the company achieved cash inflows of US$52.66 million (A$75.4 million) from operating activities, with US$104.1 million in oil sales recorded
- This was bolstered by a 13 per cent higher average net realised oil price than the March quarter of US$107.43 per barrel of oil
- In addition, increased daily production rates to 11,878 barrels of oil pushed Karoon above its financial year guidance range, with 4.64 million barrels of oil turned out for FY22
- Shares are trading 7.71 per cent higher at $1.89 each at 12:47 pm AEST
Karoon Energy (KAR) has finished the June quarter with a growth in production amid increasing oil prices.
During the period, the company achieved cash inflows of US$52.66 million (A$75.4 million) from operating activities, with US$104.1 million in oil sales recorded.
This was bolstered by a 13 per cent higher average net realised oil price than the March quarter of US$107.43 per barrel of oil.
In addition, increased daily average production rates to 11,878 barrels of oil pushed the company above its financial year production guidance range, with 4.64 million barrels of oil turned out for FY22.
This is despite two lost time incidents and a COVID-19 resurgence in Brazil impacting its operations.
Karoon Energy’s largest operating expense was for production, in which it spent US$28.99 million.
Meanwhile, investing activities came to US$84.37 million, which was mostly directed towards tenements and property, plant and equipment.
This includes US$43.6 million, which was paid to Petrobas as deferred consideration.
The company finished the period with US$157.7 million in cash and cash equivalents.
It expects to release its FY22 full-year results on August 25.
Shares were trading 7.71 per cent higher at $1.89 each at 12:47 pm AEST.