** Shares of oil and gas explorer Karoon Energy KAR.AX rise 1.6% to A$1.245
** Says co has announced positive news with its Neon oil field project in Brazil progressing to the next stage of development, the Define Phase
** Citi says that Define Phase has increased 2C resources by 44%, which strengthens the project
** Adds, this is likely to reduce cost of equity because the standalone vessel used in offshore oil and gas industry FPSO's concept offers greater diversification
** Brokerage considers staged process amid heightened macroeconomic uncertainty prudent, requiring only small capex commitments until the final investment decision
** Says production and total sales for the first quarter were in line with its estimate
** Maintains 'Buy' rating on Karoon Energy at price target of A$2
** KAR down 10.6% YTD
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.