Karoon looking to buy long-life production asset

Australian oil and gas company Karoon, with assets in Australia, Brazil, and Peru, is setting itself for growth through asset acquisitions.

In a letter to shareholders, the company’s new chairman Bruce J Phillips said that, after evaluating various options to boost returns for shareholders, the board has decided to press ahead with the acquisition of a long-life production asset.

“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.

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