Karoon Energy Announces Equity Raising to Complete Baúna Oil Field Acquisition

  • Oct 23, 2019 AEDT
  • Team Kalkine

Karoon Energy Limited (ASX: KAR), an oil and gas exploration company, will undertake a fully underwritten equity raising of about $284 million to complete the funding of the Baúna oil field acquisition and to support future growth initiatives.

Key Highlights:

  • This fully underwritten equity raising comprises of a $67 million institutional placement and a 1 for 1.06 pro rata entitlement offer to raise about $217 million;
  • Baúna will deliver Karoon material and immediate oil production of circa 20,000 bopd with a pathway to near-term production, targeting an average production rate of circa 33,000 bopd by 2022.

 

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