Brazil’s oil regulators have given the thumbs up to Australia’s Karoon for the company to sell a 35% stake in four Santos Basin deepwater blocks to Pacific Rubiales of Canada.
Karoon confirmed it had received notification from the Agência Nacional do Petróleo (ANP) that the assignment of blocks S-M-1101, S-M-1102, S-M-1037 and S-M-1065 to Pacific Rubiales had been approved and that the transfer of the participating interest is now complete.
The Australian indie announced in September last year it was executing final agreements for Pacific to acquire the 35% stake in Karoon’s wholly-owned blocks, with an option to acquire a 35% interest in S-M-1066. This transaction was conditional on obtaining regulatory approval from the ANP.
As of now Pacific Rubiales will hold a 35% interest in the Kangaroo discovery and in any additional exploration potential in the Santos Basin blocks.
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