The amount of money raised by ASX-listed explorers increased by 19 per cent to $1.61 billion in the December quarter, primarily for larger companies with lower-risk projects, according to a new report from accounting firm BDO.
Perth-based oil and gas services company DownUnder GeoSolutions (Dug) has seized the chance to capitalise on what may be Australia's biggest oil find in decades by commissioning the nation's largest seismic survey.
Origin Energy has completed its acquisition of Karoon Gas's 40 per cent interest in its Browse Basin permits, which include the Poseidon gas discovery.
FEATURE: An investment in each of the 10 largest capital raisings by companies in Western Australia during 2013 would be 14 per cent underwater at current prices, according to research conducted by Business News.
Karoon Gas has farmed out a 50 per cent stake in an oil and gas exploration permit in the Carnarvon Basin to Apache Corporation for an initial cost of $US9 million.
Victorian-based Karoon Gas has reached a deal with joint venture partner ConocoPhillips to acquire an additional 50 per cent interest in Browse Basin permit WA-314-P.
Shares in Karoon Gas slumped as much as 32 per cent today after a recent well drilled to test a new gas discovery in the Browse Basin did not deliver the gas flow investors had been hoping for.
