Karoon Energy shares slump on Who Dat production cut
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Karoon Energy tanked in morning trade after the oil and gas producer downgraded its 2026 production outlook.
The revised guidance follows confirmation from Who Dat Joint Venture operator LLOG Exploration Company that a key production restart will be delayed until at least 2027.
Shares tumbled 9% to $1.69 at 11:08am AEST.
The context: LLOG stated that a further remediation plan is being developed to restore the deferred production, including the removal of the failed riser currently planned for the third quarter, with output expected to return in the second half of 2027.
Following LLOG’s technical analysis, Who Dat FY26 production guidance has been lowered to 1.2 to 1.5 MMboe net revenue interest, down from the previous 2.1 to 2.5 MMboe range. Karoon’s total group production guidance has also been cut to 7.2 to 8.2 MMboe, down from 8.1 to 9.2 MMboe.
Who Dat currently produces at a restricted rate of approximately 3,000 boepd. However, the A-1ST well remains on schedule to commence by mid-year, while G-1ST operations are projected to start in the fourth quarter.
The source: ASX
