GZ - This seems to be the general information from this side of...

GZ - This seems to be the general information from this side of the pond.

"Oil and gas explorer Karoon Gas Australia halted its shares from trading in advance of a “material” announcement on funding.

The trading halt follows a 15 per cent decline in Karoon’s shares over the past three days after the release of updated resource estimates and the company’s quarterly report.

At Wednesday’s close of $2.46, the shares are 63 per cent down on their high of $6.69 just under a year ago.

Karoon said on Wednesday that an independent assessment of its resources in the Browse Basin in Western Australia gave a “best estimate” of 4.5 trillion cubic feet of “wet” gas.

An assessment of prospective oil resources in the Browse and Carnarvon Basins in Australia, and the Tumbes and Maranon Basins in Peru give a best estimate total resource of 4.2 billion barrels.

It also reported it was in discussions with potential partners to help it fund exploration work in its Browse Basin and Carnarvon Basin ventures in Western Australia, in the Santos Basin in Brazil and the Tumbes Basin in Peru. It also said it had hired a global investment bank to formally manage a farm-out process over its Block Z-38 venture in the Tumbes Basin.

Karoon requested the trading halt for up to two days"


A sell down in assets locking in a high percentage of return
may not be a bad idea and put a lot of money in the ole checkbook for KAR.

Considering this may be tied to a new partnership or farm in the stocks will respond in a positive manner.

Good luck to all. Be cool GZ and keep posting.

Let me know the rumors of value on that side of the pond.

Bob