Wednesday, September 30th, 2009
Browse Basin: Karoon shares falling
A minor partner in the Browse Basin gas field has seen its share prices slide for six consecutive days.
Karoon Gas failed to find payable gas at its second exploration well, Kontiki, last week.
The company’s shares rose dramatically earlier this year when it announced it had found an excellent source of gas at its first exploration well, called Poseidon.
Karoon’s exploration program is continuing – drilling equipment from Kontiki well will be moved to a new site, called Poseidon II.
The Australian [read this story]
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