Karoon Energy decidiu avançar com a aquisição de ativos de produção de longa vida

Karoon Energy Decides to Proceed With Acquisition of Long-Life Production Assets

Written by Paulo Nogueira

Published on 15/03/2019 at 05:00

Updated on 14/03/2019 at 14:47

Karoon

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Australian Oil and Gas Exploration Company Karoon Is Seeking Strategy for The Southern Santos Basin Based Around Its Current Assets in Brazil

The Australian Karoon has work participation in 6 offshore blocks in the Santos Basin, located about 200 kilometers off the coast of the State of Santa Catarina and covering a combined area of 720 square kilometers. The Santos Basin Block was granted to Karoon during December 2017 with the signing of a concession agreement in Brazil, where Karoon paid a total of US $ 8 million in a non-reimbursable bid bonus and provided a reimbursable Work Program guarantee to ANP of US $ 2.5 million.

The new company president, Bruce J Phillips, issued a letter to shareholders informing that after assessing various options to increase returns for shareholders, the board decided to proceed with the acquisition of a long-life production asset.

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“The highest strategic priority remains acquiring a high-quality, long-life production asset with strong economic returns and excellent technical characteristics to establish a solid base for future earnings and free cash flow. The company is well advanced with this priority, and the board has set clear timelines to close a transaction or adjust the strategy accordingly.

Bruce stated that the company would share progress updates on its production acquisition strategy “in the coming months” and that Karoon is seeking a strategy for the Southern Santos Basin based around its current assets in Brazil.

In a report on Thursday, Karoon informed that its strategy for acquiring new assets is focused but not limited to opportunities in South America, particularly in Brazil.

“There are several acquisition opportunities as a result of the Petrobras asset divestment program, along with divestments from other non-Brazilian entities that are of significant interest. Karoon has also continued discussions with oil and gas companies regarding the joint evaluation of acquisition and development opportunities in Brazil,” Karoon added.

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Karoon Energy Decides to Proceed With Acquisition of Long-Life Production Assets

Australian Oil and Gas Exploration Company Karoon Is Seeking Strategy for The Southern Santos Basin Based Around Its Current Assets in Brazil

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