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Brazil Assets Acquisition Update

Source: 3/17/2017, Location: South America

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Karoon Gas Australia Ltd (Karoon) would like to provide an update with respect to the disposal by Petroleo Brasileiro S.A. (Petrobras) of the Bauna and Tartaruga Verde fields following the 15 March 2017 decision by the Brazilian Federal Accounting Court (TCU) to allow the Petrobras divestment program to continue after previously ordering on 7 December 2016 that it be suspended pending review by the TCU.  

Karoon would like to clarify that the TCU decision is separate and distinct from the court proceedings initiated on 25 October 2016 in the Federal Court of Sergipe against Petrobras, the Brazilian oil and gas regulator Agência Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP) and Karoon, alleging that the correct sale procedure was not followed for the potential sale of an interest in the Bauna and Tartaruga Verde fields.

Assuch, the interim injunction granted on 19 November 2016 relating specifically to the potential sale of the Bauna and Tartaruga Verde fields remains in force, suspending any further negotiations between Petrobras and Karoon.

The current status of the court proceedings is that Karoon filed its legal defence in respect of the main court proceedings during February 2017 and Karoon understands that Petrobras is continuing with court proceedings to have the interim injunction lifted. 

  Managing Director, Mr. Robert Hosking said: “Karoon welcomes the decision by the TCU relating to Petrobras’ broader divestment process.  

Specifically relating to the Bauna and Tartaruga Verde fields, in the event of a favourable ruling on either the existing interim injunction or the main proceedings, Karoon looks forward to progressing with its final negotiations.

Karoon remains committed to working through the existing process.”

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