Karoon Energy Chairman Announces Company Strategy

Posted On March 14th, 2019 - 9:44 am | by Oil and gas press

Against the backdrop of a very strong balance sheet, the board has undertaken a review of the company’s strategy encompassing the evaluation of several future scenarios. The overriding principle in evaluating the strategic alternatives was based solely on potential shareholder returns.

The major components of the strategic review included: a significant production acquisition; pursuing our Southern Santos Strategy including the Neon and Goiá fields and surrounding discoveries and prospects; a value-added exploration focus(eg the Marina prospect in Peru); share buy-backs; Mergers; and selling the assets and returning funds to shareholders.

As a result of the review, the board has adopted a balanced strategy with optionality and flexibility to adapt as industry and other external forces dictate.

The highest strategic priority remains to acquire a high-quality, long-life production asset with robust economic returns and excellent technical characteristics to establish a solid base of future earnings and free cash flow. The Company is well advanced with this priority, and the board has set clear timelines to close a transaction or flex the strategy accordingly.

In parallel, we are pursuing” the Southern Santos Basin Strategy” based around our current assets in Brazil. The asset mix we are pursuing for this component of our strategy includes a smaller producing asset, development of our Neon and Goiá fields, and accumulation of low-cost entry into high potential exploration opportunities.

Shareholders should also be aware it is the board’s intention that any deployment of capital into these two top strategic priorities will leave sufficient funds to drill our high impact Marina prospect in Peru at the earliest opportunity (currently anticipated in early 2020). Success in this well would be transformative for investors in Karoon.


Should circumstances change, the board and management will have completed the work to flex the strategy to consider mergers and/or capital management initiatives.

Source / More : Karoon Chairman’s Letter

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