Karoon Energy Share Price Falls Amid Delays and Maintenance Issues

Karoon Energy (ASX:KAR) reported weak numbers for the quarter ending June 30, 2026. The company's share price fell 8.10% to AUD 1.64 on July 27.

The main issue was a deliberate maintenance shutdown of the Baúna oil project in Brazil's Santos Basin from May 13 to May 28, which reduced production by 44% year-over-year to 1.08 million barrels of oil equivalent on a net revenue interest basis.

However, the company reported that the maintenance work is now finished and production has increased to around 22,000 barrels per day (bopd), compared to just 9,202 bopd in the quarter.

The US Gulf of Mexico position, where Karoon holds 30% of Who Dat and Dome Patrol, was also impacted by a riser leak found in February that forced the shut-in of the E manifold at Who Dat. This is expected to be fixed by late 2027.