Karoon Signs Exclusivity Agreement with Enauta Energia S.A.

Source: www.gulfoilandgas.com 3/31/2022, Location: South America

In light of an article that has appeared on a Brazilian petroleum industry website and a related announcement by Enauta Participações S.A. to the B3 stock exchange, Karoon Energy Ltd (Karoon) announces that it has submitted a confidential, conditional, non-binding and incomplete offer to Enauta Energia S.A., and signed an Exclusivity Agreement to undertake due diligence and enter into confidential negotiations, in connection with potentially acquiring a 50% non-operated interest in the Atlanta oil field, Santos basin, offshore Brazil.

Karoon notes that its entry into the Exclusivity Agreement, which is valid until 31 May 2022, is consistent with its announced strategy of seeking value-accretive, inorganic growth opportunities that can leverage off its existing position in Brazil. The Atlanta opportunity is just one of several opportunities Karoon continues to evaluate in line with this strategy in the normal course of business.

The offer may be withdrawn or modified and does not oblige Karoon to proceed with the transaction.

Karoon will keep the market informed in accordance with its continuous disclosure obligations.

Karoon has a robust balance sheet with US$334 million of available liquidity as at 31 December 2021, current strong cash flows, a demonstrated ability to access debt financing and has other funding options also potentially available to it if a transaction were to ultimately proceed.

This announcement was authorized by the Board of Karoon Energy Ltd.


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