Karoon Energy Ltd (AU:KAR) has released an update.
Karoon Energy Ltd has announced a significant 20% decline in underlying net profit after tax to US$115.8 million for the first half of 2024, attributing the drop primarily to lower production at its Baúna Project in Brazil. Despite this, the company reached a capital management milestone by declaring its inaugural interim dividend of AUD 4.496 cents per share and commencing a US$25 million share buyback, underscoring the board’s confidence in the company’s value. The financial results also highlight a 22% increase in unit production costs and the successful drilling of the Who Dat East exploration well, promising future production potential.
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