Karoon Energy Reports Solid Quarter with New Buyback, Jarden Research Says

MT Newswires Live10-29

Karoon Energy (ASX:KAR) reported a strong September quarter, declaring a second $25 million out-of-cycle share buyback, Jarden Research said in an Oct. 25 note.

The investment advisory firm said its production forecasts are largely unchanged, but is removing value attributed to the Neon project.

The September quarter production of 2.68 million barrels of oil equivalent (boe) was in line with Jarden's estimate and consensus, but uncertainty remains over Who Dat, which at 0.68 million boe was 10% below the previous quarter and 13% below consensus.

The company recently declared a $25 million share buyback set for completion by June 30, 2025. Coupled with the company's policy of returning 20% to 40% of underlying NPAT, Jarden said this could mean the company will announce a further buyback in February 2025.

The investment firm kept its buy rating on Karoon Energy and lowered its price target to AU$2.05 from AU$2.10.

Price (AUD): $1.36, Change: $-0.018, Percent Change: -1.30%

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