Karoon Gas on trading halt pending drilling results

PERTH, April 19 Sun Apr 18, 2010 7:59pm EDT

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PERTH, April 19 (Reuters) - Shares of Australian oil and gas explorer Karoon Gas Ltd (KAR.AX) were placed on trading halt on Monday pending an update of the firm's drilling results, the company said in a statement.

Karoon is a partner with U.S. major ConocoPhillips (COP.N) in a drilling campaign off Western Australia. Its shares have fluctuated wildly in recent months amid uncertainty over the size of its Poseidon gas field, which Karoon hopes would be large enough to support a liquefied natural gas export project. (Reporting by Fayen Wong; editing by Balazs Koranyi)

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