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Karoon Energy Ltd ASX:KAR

0 opened or increased6 held3 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 13 managers in total.

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20252026

31 Mar 2024 to today

Commentary Showing 2 of 31

DateManagerActionSummary

30 Sep 2026Sandon CapitalHeldSandon Capital continues to hold Karoon Energy (ASX: KAR) but flags a further operational setback. Karoon announced a fault in the newly installed power cable for the downhole electrical submersible pump at its SPS-92 well in Bauna, after the new pump had been operating for less than three months, with repairs likely to take around six months. Sandon notes the problem appears to stem from faulty equipment and should therefore be subject to equipment warranty and insurance recoveries. However, the manager believes the incident extends Karoon's track record of disappointing production updates at its operating assets, signalling ongoing concern about operational reliability.

Monthly Report, price recorded $1.58

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31 Jul 2026Sandon CapitalHeldSandon Capital continues to hold Karoon Energy Ltd (KAR) because production trends across its key assets support the fund's expectation of strong free cash flow generation. Sandon Capital notes that the Bauna operation in Brazil is now running near capacity at roughly 22,000 barrels per day following a major FPSO revitalisation and maintenance campaign, alongside restored output at the SPS-92 and PRA-2 wells. In the Gulf of Mexico, the fund manager points to the Who Dat A1 sidetrack coming online in mid-July, with a final investment decision on Who Dat East expected imminently. Sandon Capital believes Karoon remains well positioned to generate strong free cash flow in the current oil price environment.

Monthly Report, price recorded $1.74

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Price at first mentionThe share price recorded when each of 13 managers first commented on KAR.

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Articles

About Karoon Energy Ltd

Energy, Oil, Gas and Consumable Fuels

Karoon Energy (ASX:KAR) is an oil producer with assets in Brazil and the US Gulf of Mexico that fund managers have found volatile. In July 2026, Sandon Capital noted an encouraging production update, with the Bauna operation in Brazil running near capacity after a major FPSO revitalisation and the restoration of production at key wells. However, Karoon downgraded 2026 production guidance due to delayed production at Who Dat in the Gulf of Mexico, and Spheria reported a 26% share price fall in a month on lower oil prices and the trading update. Karoon Energy operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 30 comments from 13 fund managers, including Sandon Capital, Spheria, Collins St and Seneca. Founded in 2003 and headquartered in Southbank, Melbourne, Karoon explores for and produces oil and gas from the Bauna field offshore Brazil and Who Dat in the US Gulf of Mexico.

Market cap: $1.2b
Price to earnings: 11.3x
Return on equity: 8.0%
Dividend yield: 0.0%
Price to book: 0.87x
Net margin: 14.4%
52-week range: $1.25 to $2.26

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Karoon Energy Ltd (ASX:KAR)?

Fund managers including Endeavor Asset Management, Monash Investors, Oracle Advisory Group, Sandon Capital, Clime Investment Management, Tyndall Asset Management, Collins St Asset Management, Acorn Capital, Datt Capital, Spheria Asset Management, Seneca Financial Solutions, Ellerston Capital and Cooper Investors have invested in Karoon Energy Ltd (ASX:KAR).

What opportunities or catalysts do fund managers highlight for Karoon Energy Ltd?

Sandon Capital highlights Bauna returning to near-capacity production of around 22,000 barrels per day following FPSO maintenance and well interventions, and Seneca was impressed by the scale of its offshore operations during a site visit. Recovery in production volumes could support cash flow and capital returns.

What are the key risks to the Karoon Energy Ltd investment thesis, according to fund managers?

Sandon and Spheria point to a downgrade in 2026 production guidance after delayed reinstatement of production at Who Dat, while Spheria and Collins St note falling oil prices and heightened volatility linked to US-Iran tensions weighed on the shares.

What does Karoon Energy Ltd (ASX:KAR) do?

Karoon Energy Ltd. is an oil and gas exploration and production company, founded in 2003 and headquartered in Southbank, Australia. The company manages global energy assets across four key segments: Australia, focusing on hydrocarbon exploration and evaluation; Brazil, comprising the development and production of hydrocarbons; and the U.S.A., involving LLOG interests in the Gulf of Mexico's Mississippi Canyon Blocks. An 'All Other' segment manages the closure of former Peruvian operations. Karoon Energy focuses on the exploration, development, and production of sustainable energy assets.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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