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Shares in Karoon Energy Ltd (ASX:KAR) leapt by almost 8% as the company told investors it had seen a 53% hike in sales volumes during the fourth quarter of the 2024 fiscal year compared to the previous comparable period.
Sales reached 3.14 million barrels of oil equivalent (MMboe) during 4Q24, with the 53% hike explained by the timing of liftings at Karoon’s Baúna development offshore Brazil.
As a result, sales revenues for the quarter were US$222.2 million, bringing overall revenues for 2024 to US$776.5 million – a record for the company.
Also highlighted was Karoon’s completion of an exploration program in the Gulf of Mexico, achieving success with two out of three wells, and an upward revision of 190% in NRI contingent resource at Who Dat East 2C (from 5.4 MMboe to 15.7MMboe).
Karoon is also carrying out an evaluation of the resources at Who Dat South, while an assessment at Who Dat West found no significant hydrocarbons.
Gross production from Who Dat overall was 3% lower compared to 3Q24, mainly due to a planned annual platform shutdown and gas compressor maintenance.
CEO and managing director Dr Julian Fowles said Karoon’s performance in this quarter had been strong.
“Despite a number of operational challenges in the last quarter of 2024, including a 12-day shut-in to repair two FPSO anchor chains at Baúna and an active hurricane season in the US Gulf of Mexico, CY24 full-year production of 10.4 MMboe (NRI basis) was a record for the company,” he said.
“Full-year sales revenue of US$776.5 million was also the highest ever achieved by Karoon.
At 3:32 AEDT, Karoon shares were trading at $1.53 – a rise of 7.7%.
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