Karoon shares surge as operations restart after Hurricane Helene
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The news: Karoon shares jumped after announcing the restart of its Who Dat operations, which had been temporarily shut down as a precaution due to Hurricane Helene’s landfall.
The numbers: Karoon shares were up 5.48% to $1.54 by 12:48pm AEST.
The context: Karoon said its Who Dat Floating Production System and its drilling operations on the Who Dat South restarted on Friday after closing on Wednesday.
The oil and gas company noted ramp-up of production to pre-shutdown levels was expected to take several days.
Helene developed into a category four storm and knocked out power for millions, destroyed roads and bridges, and caused dramatic flooding from Florida to Virginia. The death toll climbed towards 100 on Sunday, Reuters reported.
The sources: ASX announcement, Reuters
