Karoon Energy (ASX:KAR) ships first oil from Baúna

• Oil and gas explorer Karoon Energy (KAR) has shipped its first oil from the newly purchased Baúna production field in Brazil
• The shipment will include over 500,000 barrels of oil and is heading to the Asian market
• As oil prices are improving, the shipment is expected to have a positive boost on Karoon’s forecast revenue
• CEO and Managing Director Julian Fowles says this is a significant milestone for the company
• On the market today, Karoon is down 0.98 per cent and trading at $1.02 per share

Karoon Energy (KAR) has offloaded its first shipment of oil from the newly purchased Baúna production field in Brazil.

The shipment included over 500,000 barrels of oil and is heading to the Asian market.

Oil on the ship is also produced from the FPSO Cidade de Itajaí, which is operated by the joint venture between Altera Infrastructure and Ocyan.

The oil was loaded onto the Lambada Spirit shuttle tanker, which will transfer the product to a very large crude carrier.

As oil prices are slowly improving, the shipment is expected to have a positive boost on Karoon’s forecast revenue.

CEO and Managing Director Julian Fowles says this first shipment is a significant milestone for the company.

“The offloading of this oil cargo marks an enormously important step in
Karoon’s transformation into a significant oil producer,” he said.

“It is a remarkable achievement for Karoon and all of those involved in the delivery of this project should be very proud,” he added.

On the market today, Karoon is down 0.98 per cent and is trading for $1.02 per share at 12:53 pm AEDT.