Pacific Exploration and Production Corp. made an overdue payment to Karoon Gas Australia Ltd. under the Joint Operating Agreement (JOA) for Blocks S-M-1037, 1101, 1102, 1165 and 1166 in the Santos Basin, offshore Brazil.
"Karoon is pleased to confirm that the overdue payment has been made and this matter is now resolved," Karoon said Wednesday in a press release.
The Australian-listed firm, which owns 65 percent interest in the Santos Basin blocks, issued June 14 a default notice to partner Pacific Exploration and Production under the provisions of the JOA. Pacific holds a 35 percent stake in the blocks.
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