Karoon's Who Dat project shuts on Hurricane Francine forecast
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The news: Karoon Energy has said that operations at its part-owned Who Dat oil and gas fields in the US Gulf of Mexico will be shut in for "approximately a week" due to Hurricane Francine.
The numbers: Karoon shares edged down 1% to $1.46 by 11:20am AEST.
The context: Earlier today, tropical storm Francine had become a category 1 strength hurricane and is expected to bring dangerous conditions to the Lousiana coast, according to media reports.
Melbourne-based Karoon, which owns a 30% interest in Who Dat as part of a joint venture with Westlawn Group and project operator LLOG, said that LLOG is "actively monitoring" the hurricane, and shut in all the site's wells and evacuated the platform as a "precautionary measure".
Louisiana-based LLOG has also suspended drilling at the Who Dat South exploration well.
It is currently anticipated that Who Dat will be shut in for around a week, depending on the trajectory and severity of the hurricane.
The sources: ASX announcement, NYT, BBC
