Karoon Announces Settlement of Dispute in Respect of Block Z-38, Peru

Source: www.gulfoilandgas.com 9/16/2021, Location: South America

Karoon Energy Ltd (KAR) announces that, further to its announcement on 26 May 2021, its wholly owned branch, KEI (Peru Z-38) Pty Ltd, Sucursal del Peru, has entered into a deed of settlement and release in respect of its dispute with Pitkin Petroleum Peru Z-38 SRL in respect of Block Z-38, offshore Peru. Under the deed of settlement and release, without any admission of liability, Karoon has agreed to pay US$9.6 million to Pitkin in full and final settlement of all claims of Pitkin and its associates in connection with Block Z-38.

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