• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 1 min While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 3 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 37 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 1 hour Real Death Toll In CCP Virus May Be 12X Official Toll
  • 4 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours Marine based energy generation
  • 6 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 1 hour What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 2 hours How to Create a Pandemic
  • 3 hours Apple to Bypass Internet and Beam Directly to Phones
  • 9 hours Which producers will shut in first?
  • 18 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"

BRAZIL: Another Discovery for Karoon

Bottom Line: Karoon Gas Australia Ltd. (KAR) was already ripe for takeover last month, and a secondary discovery in Brazil last week adds some significantly unexpected value.

Analysis: Last week, Karoon found oil at its Bilby-1 well in Brazil’s prolific Santos Basin. Earlier this year, it made another discovery at its Kangaroo-1 well. On the second discovery, the company’s stocks shot up 28% on the Sydney stock exchange, hitting their highest point in four years. In late 2010, Karoon was toying with a public offering for its South American assets, but then had a change of heart and stepped up exploration offshore Brazil and Peru. In September 2012, Colombia’s Pacific Rubiales Energy Corp. (PRE) agreed to acquire a 35% stake in Karoon’s Brazil blocks. At Bilby, on Block S-M-1166, oil contained an inter-bedded sand and shale interval of Late Cretaceous age, with drilling to 3,854 meters. Karoon’s third well, Emu-1, Emu-1 was plugged and abandoned after failing to discover hydrocarbons in commercial quantities.

Recommendation: Follow this company closely: It’s working on getting drilling rigs now for Kangaroo and Bilby. Rumor late last year was that CitiGroup Inc was eyeing a takeover.




Oilprice - The No. 1 Source for Oil & Energy News