Karoon has been ignored by the Aussie instos for years and for good reason, as it was primarily an exploration company with no earnings. By nature such companies are speculative due to their "hit and miss" profile of corporate activity. Karoon had some early success in Australia and then Brazil, then a series of misses until recently. It traded sideways for years.
It is now a company in transformation. The Bauna acquisition has turned it into an oil producer and with the 1H22 workovers and 2H22 Patola expansion, a significant one at 30,000 per day. With oil prices over $80/bbl and consistent earnings the new management team is making the company investable. The stock is extremely cheap and fundamentals will eventually drive stock prices.
IMO because the Aussie market has discounted KAR for so long, therein lies the opportunity.
Karoon Cash Flow to double to over US$150m / Quarter, page-14
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Last
$1.34 |
Change
-0.030(2.19%) |
Mkt cap ! $1.044B | |||
| Open | High | Low | Value | Volume |
| $1.35 | $1.36 | $1.32 | $8.558M | 6.403M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 320 | $1.34 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.35 | 39863 | 4 |
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| Last trade - 16.10pm 13/11/2024 (20 minute delay) ? |
| KAR (ASX) Chart |