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Asia

Australian Shares Flat; Karoon Energy Cuts 2026 Production Guidance Due to Operational Issues at Joint Venture

Australian shares were flat on Tuesday after the Reserve Bank of Australia kept interest rates on hold as expected.The S&P/ASX 200 Index was little changed to close at 8,917.70.On Wall Street, the S&P 500 rose 1.7%, the Nasdaq Composite jumped 3.1%, and the Dow Jones Industrial Average closed at a record high, rising 0.9%.Brent crude oil futures fell just 0.3% to $82.96 per barrel.On the domestic front, the Reserve Bank of Australia decided to leave the cash rate target unchanged at 4.35%. The bank said financial conditions are now tighter following three rate increases since the beginning of the year, with signs that the economy is slowing as expected.However, inflation remains too high, prompting the bank's monetary policy board to leave the cash rate unchanged while assessing the impact of previous rises and the oil supply disruption.The ANZ-Roy Morgan Australian consumer confidence edged down 0.1 points to 70.7 in the week of June 8 to June 14. Household sentiment improved on personal finances and major purchases, even as confidence in broader economic conditions slipped amid escalating Middle East tensions, according to ANZ economist Sophia Angala.In company news, Karoon Energy (ASX:KAR) 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.Atlas Arteria (ASX:ALX) said that IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 and its affiliates raised their stake in the company to 38.26% from 34.48% as of Monday. IFM Global now holds 555.3 million securities of the company.Lastly, Valiant Gold (ASX VAL) said assay results from its maiden drilling program at the South Emu-Trito mine in Western Australia confirmed mineralized extensions to around 400 meters below the existing resource.

ASX 200ASX:ALXASX:KARASX:VAL
Asia

Karoon Energy Cuts 2026 Production Guidance Due to Operational Issues at Joint Venture; Shares Fall 8%

Karoon Energy (ASX:KAR) 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, according to a Tuesday filing with the Australian bourse.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, per the filing.Following recent technical analyses, the operator of the joint venture informed the company that the reinstatement of production through the Who Dat E manifold will not occur this year and is now expected to take place in the second half of 2027.A remediation plan is in the works to restore the deferred production, including the removal of a failed riser that is planned in the third quarter, the filing said.It added that intervention programs at two wells in the Baúna project off the coast of Brazil have been impacted by mechanical issues and weather delays, but work is progressing, and both wells are expected to be online around mid-year.Karoon Energy shares fell 8% in recent Tuesday trade.

ASX:KAR
Asia

Santos, Karoon Energy Shares Slide as Oil Price Hits Two-Month Low

Santos (ASX:STO) shares fell over 1% in recent Friday trade, while Karoon Energy (ASX:KAR) shed nearly 3%, as the price of oil hit a two-month low after US President Donald Trump canceled plans to strike Iran.Brent crude futures were down 1.3%, and WTI crude declined 1.4%, both sitting below the $90 per barrel mark.In a social media post, Trump ​said he called off strikes on Iran because discussions between the two sides have ​progressed, creating hope for a peace deal to end the conflict.

ASX:KARASX:STO
Asia

Karoon Energy Says Commonwealth Bank Ceases to Be Substantial Holder

Karoon Energy (ASX:KAR) said Commonwealth Bank of Australia (ASX:CBA) and its related entities ceased to be substantial holders in the company on June 8, according to a Tuesday Australian bourse filing.The company's shares were up 1% in recent Tuesday trade.

ASX:CBAASX:KAR
Asia

ASX Biggest Losers

Here are the ASX-listed companies with the biggest losses on Friday.Energy Resources of Australia (ASX:ERA): -20%, AU$0.002Champion Iron (ASX:CIA): -5%, AU$4.54Superloop (ASX:SLC): -5%, AU$3.42Weebit Nano (ASX:WBT): -4%, AU$7.05Helia Group (ASX:HLI): -3%, AU$4.84GemLife Communities Group (ASX:GLF): -3%, AU$4.45Karoon Energy (ASX:KAR): -3%, AU$1.94Viva Energy Group (ASX:VEA): -2%, AU$2.11Ryman Healthcare (ASX:RYM): -2%, AU$1.88CSL (ASX:CSL): -2%, AU$96.05

ASX 200ASX:CIAASX:CSLASX:ERAASX:GLFASX:HLIASX:KARASX:RYMASX:SLCASX:VEAASX:WBT
Asia

Karoon Energy Assumes Operatorship of Floating Oil Production Facility for Brazil Project; Shares Down 3%

Karoon Energy (ASX:KAR) assumed operatorship of the Cidade de Itajaí, a floating production, storage, and offloading vessel used for its Bauna project in Brazil, according to a Friday filing with the Australian bourse.The formal operator transition from Altera & Ocyan occurred on Thursday following the company's acquisition of the vessel on April 30, 2025, the filing said.Over 80% of the existing team transferred to the company and its major maintenance contractor, per the filing.Karoon Energy shares fell nearly 3% in morning trade Friday.

ASX:KAR
Asia

Karoon Energy Resumes Production at Brazil Project After Planned Maintenance Shutdown

Karoon Energy (ASX:KAR) said its Baúna project in Brazil resumed production on May 13, following a 28-day facilities shutdown for planned maintenance in conjunction with the flotel-supported maintenanceand revitalization campaign, according to a Monday Australian bourse filing.The maintenance work included the replacement of several sections of piping, including the production header system, upgrading critical systems, and replacing parts of structural elements and fittings.The project is currently producing at a rate of around 11,500 barrels of oil per day, before the resumption of natural decline. An additional 9,000 barrels of oil per day to 10,000 barrels of oil per day is expected to be brought back online around mid-year, subject to the successful replacement of an electric submersible pump in SPS-92, as well as the recovery and reconnection of the PRA-2 umbilical.

ASX:KAR
Asia

Karoon Energy Says Commonwealth Bank of Australia Becomes Substantial Holder

Karoon Energy (ASX:KAR) received notice that Commonwealth Bank of Australia (ASX:CBA) and its affiliates became a substantial holder of the company on Wednesday, according to a Thursday filing with the Australian bourse.Commonwealth Bank of Australia now owns 35.9 million shares in the company, representing a 5.03% voting power, the filing said.Karoon's shares rose past 2% in recent Thursday trade.

ASX:CBAASX:KAR
Asia

Karoon Energy Posts Lower Q1 Production, Reaffirms 2026 Output Guidance

Karoon Energy (ASX:KAR) said first-quarter total production reached 1.9 million barrels of oil equivalent on a net revenue interest basis, according to a Tuesday Australian bourse filing.The company's 2025 first-quarter production was 2.4 million barrels of oil equivalent on a net revenue interest basis.Total revenue in the three months ended March 31 was $128.2 million, compared with $148.6 million a year earlier.The company reaffirmed its 2026 total production guidance of 8.1 million to 9.2 million barrels of oil equivalent.The company's shares were down nearly 2% in recent Tuesday trade.

ASX:KAR
Asia

Karoon Energy Says Fitch Affirms 'B' Rating, Revises Outlook to Negative; Shares Down 4%

Karoon Energy (ASX:KAR) said that Fitch Ratings has affirmed its long-term issuer default rating at "B" while revising the outlook to negative from stable, according to a Monday filing with the Australian bourse.Fitch also reaffirmed the company's $350 million senior secured notes at a "B+" rating, per the filing.The rating reflects the company's low-cost production base, strong liquidity, and absence of near-term debt maturities, but is offset by operational disruptions at key assets and an expected natural decline in production, the filing said.Fitch expects the company to sustain moderate leverage and generate positive free cash flow to meet its obligations, while the negative outlook reflects concerns about production sustainability and the timing of project execution, the filing added.Karoon Energy's shares were down 4% in recent Monday trade.

ASX:KAR

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