Shares in Karoon Gas Australia Ltd. (KAR.AU) fell 24% in afternoon trading Thursday, after stating some initial tests on the Poseidon-2 natural gas well offshore Western Australia state were "inconclusive".

"Initial shut-in and build-up periods during the well testing phase have been inconclusive," said Karoon, adding more tests would take place in coming days.

Karoon owns 40% of the WA-398-P permit where the Poseidon-2 exploration well was drilled, with the remaining interest held by U.S. oil and gas producer ConocoPhillips (COP).

At 0435 GMT, Karoon shares were down 22% at A$8.20.

-By David Winning, Dow Jones Newswires; +61-2-82724688; david.winning@dowjones.com
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