DJ Karoon Got Strong Price from Origin, Says Macquarie -- Market Talk
0234 GMT (Dow Jones) Karoon Gas (KAR.AU) got a strong price for its Poseidon discovery, says Macquarie Group, which has an outperform recommendation on the company's shares. The upfront US$600 million payment from Origin (ORG.AU) equates to around US$2.68 per barrel of oil equivalent, the broker says. That may be lower than what Mitsubishi (8058.TO) and Mitsui ( 8031.TO) paid Woodside Petroleum (WPL.AU) in 2012 for a share of the nearby Browse LNG joint venture, but it's still solid, given Karoon's looming funding tensions and the Browse JV's clearer development path. "With Poseidon now gone and the company's funding issues with it, once the dust settles, the focus will shift to the company's prospects in the Santos Basin (in Brazil) where results to-date have been mixed." ([email protected])
(END) Dow Jones Newswires
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Last
$1.81 |
Change
0.005(0.28%) |
Mkt cap ! $1.450B | |||
| Open | High | Low | Value | Volume |
| $1.82 | $1.84 | $1.78 | $8.370M | 4.605M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 32319 | $1.81 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.82 | 28653 | 3 |
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