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Asia

ASX Biggest Gainers

Here are the ASX-listed companies with the biggest gains on Thursday.St Barbara Limited (ASX:SBM): +15%, AU$0.84Sunrise Energy Metals (ASX:SRL): +8%, AU$22.05PDI Gold Limited (ASX:PDI): +7%, AU$4.67PT Antam (Persero) Tbk (ASX:ATM): +7%, AU$0.98Ora Banda Mining (ASX:OBM): +5%, AU$1.59Southern Cross Gold (ASX:SX2): +5%, AU$12.73West African Resources (ASX:WAF): +3%, AU$3.90Eagers Automotive (ASX:APE): +4%, AU$20.52Megaport Limited (ASX:MP1): +4%, AU$18.40Karoon Energy (ASX:KAR): +3%, AU$1.84

ASX 200ASX:APEASX:ATMASX:KARASX:MP1ASX:OBMASX:PDIASX:SBMASX:SRLASX:SX2ASX:WAF
Asia

Karoon Energy Says CBA Ceases to be Substantial Shareholder

Karoon Energy (ASX:KAR) received notice that Commonwealth Bank of Australia (ASX:CBA) and its affiliates are no longer substantial holders of the company from Wednesday, according to a Thursday filing with the Australian bourse.CBA and its affiliates became a substantial holder of the company on Tuesday, with a total voting power of 5.02%, an earlier filing showed.

ASX:CBAASX:KAR
Asia

Karoon Energy Reports Lifting of Injunction on Brazilian Crude Oil Export Tax

Karoon Energy (ASX:KAR) said an injunction on the temporary export tax brought by the Brazilian Association of Oil and Gas Exploration and Production Companies was lifted following a court appeal, according to a Wednesday filing with the Australian bourse.The development comes a day after the company reported obtaining the benefit of a preliminary injunction suspending payment of the 12% export tax on future exports and related unpaid liabilities.Following the lifting of the injunction, Karoon will provide for and pay any export tax liabilities, and will "continue to select the end market for its production that yields the highest realized net price," the company said.Its shares gained 2% in recent Wednesday trade.

ASX:KAR
Asia

Karoon Energy Says Commonwealth Bank Ceases to Be Substantial Holder; Shares Fall 3%

Karoon Energy (ASX:KAR) said Commonwealth Bank of Australia (ASX:CBA) and its related entities ceased to be a substantial holder in the company on Aug. 31, according to a Tuesday Australian bourse filing.Karoon Energy's shares were up almost 3%, while Commonwealth Bank's shares were down almost 1% in recent Tuesday trade.

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Asia

Karoon Energy Says Brazilian Government Extends 12% Temporary Tax on Crude Oil Exports

Karoon Energy (ASX:KAR) said the Brazilian Government announced a further 60-day extension of the 12% temporary tax on crude oil exports to Nov. 7, according to a Tuesday filing with the Australian bourse.The company secured the benefit of a preliminary injunction suspending payment of the 12% export tax on future exports and related unpaid liabilities with its participation in collective industry proceedings brought by the Brazilian Association of Oil and Gas Exploration and Production Companies, the filing said.The company will recognize the export tax expense and liability, pending a final determination on the matter, per the filing.Karoon Energy shares rose 2% in morning trade Tuesday.

ASX:KAR
Asia

Karoon Energy H1 Earnings, Revenue Down

Karoon Energy (ASX:KAR) logged $0.0363 in EPS for the first half, compared with $0.0931 a year ago, a Thursday filing showed.For the six months ended June 30, revenue was $244.9 million versus $308.3 million previously, the Australia-listed energy firm added.The board declared an interim dividend of AU$0.012 per share, down from AU$0.024 a year earlier, payable Sept. 30 to shareholders on record as of Sept. 3.The company expects fiscal 2027 total production of 7.2 to 8.2 million barrels of oil equivalent and total capital expenditure of $193 million to $222 million.

ASX:KAR
Asia

Karoon Energy Says Joint Venture Approves Final Investment Decision for Gulf of America Field Development

Karoon Energy (ASX:KAR) said the Who Dat East joint venture on Wednesday approved the final investment decision for the development of the Who Dat East field, located in the Gulf of America in the US, according to a same-day ASX filing.The project is a one-well development comprising the completion of the Who Dat East discovery well, the construction of a 29-kilometer pipeline to the Who Dat floating production system, minor upgrades to the system, and the installation of subsea controls, the company said. The capital cost, net to Karoon, is estimated to be $155 million to $165 million.Production is planned to begin in second half of 2028, at an initial gross production rate of around 6,500 barrels of oil per day of liquids and 50 million standard cubic feet per day of gas.Karoon USA has a 40% working interest in the joint venture, while LLOG and Westlawn Americas Offshore own 40% and 20%, respectively.Karoon Energy's shares were down nearly 1% in recent Wednesday trade.

ASX:KAR
Asia

Jarden Research Adjusts Karoon Energy to AU$2 from AU$1.90, Keeps at Buy

Karoon Energy (ASX:KAR) has an average rating of overweight and mean price target of AU$1.87, according to analysts polled by FactSet.

ASX:KAR
Research

RBC Upgrades Karoon Energy to Outperform from Sector Perform; Price Target is AU$2

Karoon Energy (ASX:KAR) has an average rating of overweight and mean price target of AU$1.87, according to analysts polled by FactSet.

ASX:KAR
Asia

Karoon Energy Poised for Sharp Uplift in H2 Production With Compelling Oil Price Leverage, RBC Capital Markets Says

Karoon Energy's (ASX:KAR) second-quarter results were financially stronger than expected after it captured two Brazil Baúna oil shipments, setting the company up for stronger production in the second half of the year, RBC Capital Markets said in a Thursday note.As two Baúna oil production wells are now fully restored and a capital-intensive maintenance cycle is complete, the equity research firm expects a sharp production uplift in the second half to drive a step-change in generating free cash flow.A $10 per barrel rise in the price of Brent oil leads to a 30% increase in RBC's 2027 earnings per share forecast for Karoon, which "offers the most compelling oil price leverage" in the research firm's coverage, it said.However, RBC does not expect to see a production recovery at Who Dat oil and gas operations in the Gulf of Mexico until the fourth quarter of 2027 as riser issues remain an overhang. One riser requires a replacement, but RBC expects the operator to replace both risers next year as a precautionary measure.The investment firm upgraded its rating on Karoon Energy to outperform from sector perform with a price target of AU$2.The company's shares were 10% higher in recent Friday trade.

ASX:KAR
Asia

Karoon Energy Well Positioned to Benefit From Elevated Oil Prices Following Brazil Well Repairs, Jarden Says

Karoon Energy (ASX:KAR) is well positioned to benefit from elevated oil prices driven by the Middle East conflict following recent repairs to its Brazilian wells, Jarden said in a Friday note.With all of the company's Brazil oil wells now online, and the field producing at over 22,000 barrels of oil per day, Jarden expects Karoon to focus on optimizing facility uptime.The company recently pushed back the date for resuming full production at its Who Dat oil and gas joint venture in the Gulf of Mexico to the second half of 2027, but production in the interim should see a boost from the recently completed A1 side track well, with the proposed G1 side track scheduled for late this year, the equity research firm said.Karoon reported second-quarter production of about 1.1 million barrels of oil equivalent, down 44% from the prior quarter due to the scheduled maintenance in Brazil and a riser leak at Who Dat, but still broadly in line with Jarden's estimate."We continue to advocate that [Karoon Energy] is the stock to own in a rising oil price environment due to its high leverage," the firm said, adding that the recent escalation in the US-Iran conflict suggests upside to its base case oil price outlook.Jarden maintained a buy rating on Karoon while raising its target price to AU$2 from AU$1.90.Karoon Energy's shares climbed more than 11% in recent Friday trade.

ASX:KAR
Asia

Australian Shares Flat; Santos Posts Higher Q2 Total Production

Australian shares were flat with a positive bias on Thursday despite oil prices reaching their highest point in over a month.The S&P/ASX 200 Index was little changed to close at 8,839.Overnight, the S&P 500 and the Nasdaq Composite fell 0.1% and 0.6%, respectively, on Wall Street.Brent crude oil futures rose around 2% to trade around $96 per barrel as the conflict in the Middle East continued and concerns grew over potential supply disruptions linked to threats against shipping routes.Gold prices climbed to trade around $4,116 per ounce amid renewed safe-haven demand, while iron ore futures rose over 1% to around $98 in Singapore.On the domestic front, Australia's seasonally adjusted unemployment rate remained flat at 4.4% in June compared with the previous month, data from the Australian Bureau of Statistics showed. The total number of employed people increased by 76,300, bringing the total to 14.8 million.The improvement in aggregate business conditions in Australia during the June quarter continues to be driven by larger businesses, Westpac said. The Westpac Business Performance Gauge, which represents the ratio of operating revenues to operating expenses, rose 0.2% quarter-over-quarter in the June quarter, a softer pace than in recent quarters, while the Westpac Cashflow Gauge, which represents the ratio of operating revenues to operating expenses plus liabilities, rose 0.3%.In company news, Santos (ASX:STO) reported total production of 23.1 million barrels of oil equivalent (MMboe) in the second quarter ended June 30, up on last year's 22.2 MMboe.James Hardie Industries (ASX:JHX) expects to report first-quarter fiscal 2027 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between $399 million and $407 million and net sales of between $1.45 billion and $1.48 billion.Lastly, Karoon Energy (ASX:KAR) reported total production of 1.1 million barrels of oil equivalent (MMboe) in the second quarter ended June 30, down from last year's 2.9 MMboe.

ASX 200ASX:JHXASX:KARASX:STO
Asia

Karoon Energy Posts Lower Q2 Total Production

Karoon Energy (ASX:KAR) reported total production of 1.1 million barrels of oil equivalent (MMboe) in the second quarter ended June 30, down on last year's 2.9 MMboe, according to a Thursday filing with the Australian bourse.Total production in the previous quarter was 1.9 MMboe, the filing said.The company expects 2026 total production of between 7.2 MMboe and 8.2 MMboe, and capital expenditure of $178 million to $202 million, per the filing.

ASX:KAR
Asia

Australian Shares Flat; Karoon Energy Restores Production at Brazil Well

Australian shares were flat on Monday after oil prices jumped as the ceasefire between the US and Iran broke down.The S&P/ASX 200 Index was little changed to close at 8,808.50.Brent crude oil futures jumped over 4% to trade around $79 per barrel, increasing inflation risks. Iran claimed that it had closed the Strait of Hormuz.Gold fell past 1% to trade around $4,060 per ounce.On the domestic front, Australian customers have so far spent over AU$7 billion during this year's FIFA World Cup, with spending increases recorded across key fan categories, according to an ANZ analysis.Spending increased in various sectors: takeaway food by 6.6%, cafes and restaurants by 5.5%, bars and hotels by 5.2%, and sporting apparel by 9.3%.In company news, Karoon Energy (ASX:KAR) restored production at the PRA-2 well at its Baúna project in Brazil after reconnecting the umbilical and re-establishing connectivity with the submersible pump. The well came back online on July 6 and is currently producing between 1,000 and 1,200 barrels of oil per day.Ampol (ASX:ALD) secured a cornerstone investment from KKR in its AU$400 million financing transaction. Ampol will use the funds for refinancing initiatives and other general corporate purposes.Lastly, oOh!media (ASX:OML) said Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management reconfirmed their non-binding indicative offers to acquire the company at a price range of AU$1.60 to AU$1.65 per share. It plans to continue engagement with all three prospective buyers on diligence and binding documentation.

ASX 200ASX:ALDASX:KARASX:OML
Asia

Karoon Energy Restores Production at Brazil Well

Karoon Energy (ASX:KAR) restored production at the PRA-2 well at its Baúna project in Brazil after reconnecting the umbilical and re-establishing connectivity with the submersible pump, according to a Monday filing with the Australian bourse.The well came back online on July 6 and is currently producing between 1,000 and 1,200 barrels of oil per day, bringing total Baúna project production to about 22,000 barrels per day.All production wells at the Baúna project are now in service, Karoon Energy said.

ASX:KAR
Equities

Karoon Energy Says Brazil Extended 12% Temporary Tax on Crude Oil Exports; Shares Down 5%

Karoon Energy (ASX:KAR) said Brazil's government has extended a 12% temporary tax on crude oil exports for 60 days beyond its July 9 expiry, according to a Friday filing with the Australian bourse.As a result, the company will continue to be selective on the end markets for its production based on destinations that yield the highest realized net price.It noted that oil exports to the European Union are expected to qualify for a 6% export tax treatment under the Mercosur-EU trade framework.Karoon Energy also said the industry continues to pursue legal challenges to the Brazilian export tax, seeking the refund of payments related to the tax since its inception in March.The company's shares fell 5% in recent Friday trade.

ASX:KAR
Asia

Australian Shares Up; Ramelius Resources to Sell Western Australia Gold Hub to Forrestania for AU$300 Million

Australian shares closed higher on Monday after the US and Iran agreed to halt hostilities that had flared up over the weekend.The S&P/ASX 200 Index gained 0.68%, or 59.20 points, to close at 8,823.40.Brent crude oil futures climbed to trade around $72 per barrel amid concerns over the future of peace negotiations between the US and Iran, as well as the opening of the Strait of Hormuz.On the domestic front, the Reserve Bank of Australia said its monetary policy board disclosed a framework outlining how it would approach the design and use of additional monetary policy tools in a low-interest rate environment.The bank said the toolkit features six tools, including term lending facilities, government bond purchase programs, forward guidance with commitment, negative interest rate policy, term rate targets, and foreign exchange asset purchasesIn company news, Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement. Completion is targeted for the September quarter, after which the company is expected to become a substantial shareholder in Forrestania.Karoon Energy (ASX:KAR) said production has been restored from the SPS-92 well at Baúna in Brazil following the replacement of the electrical submersible pump (ESP). SPS-92 is currently producing at a rate of 8,600 barrels of oil per day (bopd), taking total Baúna Project production to around 20,500 bopd.Neuren Pharmaceuticals (ASX:NEU) secured a positive opinion from the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use, which recommended approval of Daybue for treating neurobehavioral symptoms of Rett syndrome in patients aged five years and older.

ASX 200ASX:FRSASX:KARASX:NEUASX:RMS
Asia

Karoon Energy Restores Baúna Production to 20,500 Barrels Per Day, Updates Guidance, Discloses Buyback; Shares Rise 3%

Karoon Energy (ASX:KAR) said production has been restored from the SPS-92 well at Baúna following the replacement of the electrical submersible pump (ESP), according to a Monday Australian bourse filing.SPS-92 is currently producing at a rate of 8,600 barrels of oil per day (bopd), taking total Baúna Project production to around 20,500 bopd, before natural decline, the filing added.The company said a further production rise of 1,000 to 2,000 bopd is expected once the PRA-2 well is back online, with operations to reconnect the umbilical now underway.With the Baúna floating production, storage and offloading (FPSO) revitalization and major well intervention campaign now substantially complete, Karoon expects materially lower sustaining capital requirements at Baúna over the next few years, with only modest ongoing investment anticipated, excluding new growth projects, the filing added.Karoon revised its 2026 total capital expenditure guidance to $178 million to $202 million, from prior guidance of $150 million to $183 million, with Baúna expenditure revised to $89 million to $97 million from $61 million to $74 million.The company said it plans to start a third on-market share buyback in July, having bought back and cancelled 94.3 million shares at a cost of about $97 million, equivalent to an average price of AU$1.57 per share, following the completion of the second phase of its $75 million buyback program.The third phase will be conducted at a measured pace reflecting prevailing market conditions and the firm's ongoing capital requirements, and is not expected to exceed 10% of issued capital in a 12-month period. The board retains discretion over the rate, timing, and extent of purchases, it added.The company's shares rose 3% in recent Monday trade.

ASX:KAR
Asia

Jarden Research Adjusts Karoon Energy's Price Target to AU$2.30 from AU$2.55, Keeps at Buy

Karoon Energy (ASX:KAR) has an average rating of overweight and mean price target of AU$2.07, according to analysts polled by FactSet.

ASX:KAR
Asia

Karoon Energy Moves Towards Positive Free Cash Flow in Second Half, Driven by Higher Oil Output in Brazil, Jarden Says

Karoon Energy (ASX:KAR) is moving from a capital expenditure-intensive period in the first half of the year back into positive free cash flow in the second half, driven by higher oil output in Brazil, Jarden said in a Wednesday note.Karoon Energy lowered its aggregate production guidance for the year to between 7.2 million barrels of oil equivalent (MMboe) and 8.2 MMboe from a previous range of 8.1 to 9.2 MMboe. The downgrade is a result of operational issues at the company's Who Dat joint venture, which operates a namesake oil and gas field in the Gulf of Mexico.Karoon also said that the company is currently revising and optimizing the overall investment expenditure commitment across the Baúna, Who Dat, and other projects for the year. The analysts interpret this to mean the firm will seek to maintain full-year cost guidance at the current capital expenditure range of $150 million to $183 million.It increased Karoon's forecast capital expenditure towards the upper end of the range at $181 million.The investment firm retained its buy rating on Karoon and decreased the price target to AU$2.30 per share from AU$2.55 per share.

ASX:KAR

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