ConocoPhillips Takes Bigger Bite of Browse Basin Asset

Karoon has advised that its Joint Venture partner, ConocoPhillips (Browse Basin) Pty Ltd, has exercised its option to acquire an additional 9% interest in exploration permits WA-314-P and WA-315-P.

As part of the exercise of its option ConocoPhillips will pay 80% of the next US $125 million in Joint Venture expenditure within exploration permits WA-314-P and WA-315-P.

Equity interests of the participants in WA-314-P, WA-315-P and WA-398-P following the exercise of the option are:

• Karoon Gas (Browse Basin) Pty Ltd; 40%
• ConocoPhillips (Browse Basin) Pty Ltd; 60%