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Karoon Energy seals Tullow farm-out for Marina prospect
Image Sourced Karoon Energy Limited
  • Oil and gas explorer Karoon Energy (KAR) has moved one step closer to finalising its purchase of the Baúna oilfield in Brazil from Petrobras
  • Regulators from the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) have met to approve the conditional deal
  • Following the ANP approval and the conditions being met, Karoon will be able to finalise the oilfield acquisition
  • The company is hoping to have the deal done by the end of the month, pending FPSO charter assignment
  • Shares in Karoon Energy are trading slightly down, worth 89.5 cents each

Karoon Energy (KAR) has moved one step closer to finalising its purchase of the Baúna oilfield assets, located in the Santos Basin of Brazil, from Petrobras.

The oil and gas company has advised shareholders today that regulators from the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) met yesterday to approve the deal.

Pleasingly for Karoon, ANP verbally signed off on the agreement, pending some conditions - which KAR advises it will be able to satisfy in the ordinary course of business.

Once the written confirmation comes through from the regulators, the energy stock will have satisfied one of the last outstanding regulatory conditions for the significant sale.

Karoon said it is now hoping to finalise the deal by the end of the month on October 30, however, the transaction does still requires a FPSO charter assignment.

Following today's oilfield asset purchase update, shares in KAR are trading down a slight 1.1 per cent for 89.5 cents a pop at 12:54 pm AEDT.


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