ASX Shares to Sell Karoon Gas (KAR)

Karoon Gas (KAR) is focused on identifying, exploring and developing acreage that is highly prospective for oil and gas, and is listed an energy company in the Australian stock market.

The company currently has three focus areas – the Browse Basin (Western Australia), Tumbes Basin (Peru) and the Santos Basin (Brazil).

Recently, KAR completed a $186.4 million institutional placement at $7.00 per share.

KAR stated that the funds are designed to bolster its balance sheet as it undertakes exploration activities in the Browse Basin, Brazil and Peru.

KAR will now look to offer its existing shareholders an opportunity to take part in a share purchase plan, which the company advised will launch shortly.

The capital raising saw KAR become one of the shares to sell on the day of the announcement, losing 1.9%.