Energy Report: March 2024 Quarterly Highlights

In the March 2024 quarter, Karoon Energy (ASX: KAR) saw a notable 18% increase in production, reaching 3.11 MMboe on a Net Working Interest (NWI) basis. Sales revenue stood at US$196.6 million, driven by sales volumes of 2.74 MMboe. Significant developments included progress into the Concept Select phase for the Neon Foundation Project and approvals for exploration wells in the offshore US Gulf of Mexico.

Despite challenges in production, particularly with the Who Dat assets, the company maintained a focus on safety and operational efficiency. Revised production guidance for CY24 reflects adjustments in response to market dynamics. Karoon remains committed to optimization strategies and further exploration opportunities. CEO Dr. Julian Fowles emphasized sustained safety performance and outlined plans for production enhancement and facility maintenance.

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