Karoon Gas Shares Fall 24%; Poseidon-2 Well Tests Inconclusive
January 13 2010 - 11:07PM
Dow Jones News
Shares in Karoon Gas Australia Ltd. (KAR.AU) fell 24% in
afternoon trading Thursday, after stating some initial tests on the
Poseidon-2 natural gas well offshore Western Australia state were
"inconclusive".
"Initial shut-in and build-up periods during the well testing
phase have been inconclusive," said Karoon, adding more tests would
take place in coming days.
Karoon owns 40% of the WA-398-P permit where the Poseidon-2
exploration well was drilled, with the remaining interest held by
U.S. oil and gas producer ConocoPhillips (COP).
At 0435 GMT, Karoon shares were down 22% at A$8.20.
-By David Winning, Dow Jones Newswires; +61-2-82724688;
david.winning@dowjones.com
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