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%
Operates 12 Offshore Rigs
- ConocoPhillips Vows Financial Discipline As Aims To Boost Output (Nov 08)
- ConocoPhillips' Profit Beats Estimates, But Budget Cut 10% (Oct 26)
- Most US Gulf Oil Output Offline Ahead of Tropical Storm Nate (Oct 06)
Company: Karoon Gas Australia Ltd. more info
- Karoon Buys PEPC's 35% Stake in 4 Santos Basin Blocks in Brazil for $20.5M (Sep 28)
- PEPC Makes Overdue Payment to Karoon for Brazil's Santos Basin Blocks (Jun 16)
- Karoon Issues Default Notice to Santos Basin Block Partner PEPC (Jun 15)