Neon Moving Forward and Near-Term Production Guidance Lifted

Karoon Energy, formerly Karoon Gas Australia, listed on the ASX in June 2004 and spent the first 15 years or so of life raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on balance sheet. No cash-generative assets had been delivered and no shareholder returns made.