Australia's Karoon Energy hits over 2-month low on production forecast cut

Karoon Energy

28/09/2026 02:26

** Shares of Karoon Energy KAR.AX slide as much as 13.2% to A$1.55, posting their biggest intraday pct fall since June 17
** Stock hits lowest level since July 23
** Oil and gas explorer lowers FY26 production guidance, discloses controlled shutdown of oil well 
** Co now expects between 6.6 MMboe and 7.2 MMboe production in total for FY26, down from previous estimate of 7.2-8.2 MMboe
** Flags increased unit production cost, now anticipates between $15-$16 cost per barrel of oil equivalent, up from $12- $15 expected earlier 
** Stock up 2.6% YTD, including the day's moves

 (Reporting by Rudrannsh Mehra in Bengaluru)
 ((Rudrannsh.Mehra@thomsonreuters.com))