KAR published its June 2023 Quarterly Activities Report

Karoon Energy Limited (ASX: KAR) released its oil production report for the June quarter of 2023, indicating a production volume of 1.68 million barrels (MMbbl), reflecting a 15% decrease attributed to a six-week shut-in. Despite this, the company's full-year production for FY23 showcased substantial growth, surging by 52% to reach 7.04 MMbbl. Oil sales for the June quarter accounted for 1.68 MMbbl, while the entire FY23 recorded sales of 7.06 MMbbl. The full-year revenue for FY23 reached US$566.5 million, marking a notable increase of 47%.

Karoon Energy achieved commendable safety records during the June 2023 quarter, with no recordable personal safety or Lost Time Injury incidents reported. As of 30 June 2023, the company held cash and cash equivalents amounting to US$74.8 million and had not utilized any additional debt. Karoon Energy is scheduled to release its full-year results for FY23 on Wednesday, 23 August 2023.

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