Karoon Gas Australia (ASX:KAR) is focused on identifying, exploring and developing acreage that is highly prospective for oil and gas.
The company currently has three focus areas – the Browse Basin (Western Australia), Tumbes Basin (Peru) and the Santos Basin (Brazil).
KAR holds a 49% interest in oil and gas exploration permits WA-314-P and WA-315-P in the offshore Browse Basin located 350 km offshore from the North-Western Australian coastline.
The company’s joint venture partner and operator in these projects is ConocoPhillips, the world’s fifth-largest refiner.
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KAR was one of the best performers of the day, rallying over 6% after receiving environmental approvals to start drilling on its Browse Basin projects.
The company will move on to phase two of its drilling program in the region.
The program will start in the fourth quarter of the year and run for 18 months to two years.
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