Karoon in trading halt pending drilling results disclosure

The shares of Karoon Gas Australia will be placed in Trading Halt Session State at the request of the company.

The company requested the trading halt pending the release of an announcement related to its drilling operations in Australia.

According to the Australian Stock Exchange, the securities will remain in Trading Halt Session State until the earlier of the start of normal trading on Wednesday, August 12, 2015 or when the announcement is released to the market.

Karoon is currently involved in the drilling of the Levitt-1 exploration well in WA-482-P Carnarvon Basin, offshore Western Australia, using the Ocean America semisubmersible drilling rig. Karoon has a 50% equity interest in WA-482-P.

Quadrant Energy, established following completion of Apache Energy acquisition by Brookfield and Macquarie Capital, is operator of the well and has the remaining 50% interest.

According to Karoon, a successful drilling result would open up a new exploration play in the Carnarvon Basin.

Offshore Energy Today Staff

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