Karoon draged into Petrobas battle
PERTH (miningweekly.com) – The Brazilian Federal Court of Accounts has suspended major Petrobas from further divesting its assets, except for five projects deemed in the final stages of negotiations, including the Baúna and Tartaruga Verde fields, which ASX-listed Karoon Gas is in negotiations to buy.
Karoon, which has now also been named in the court proceedings initiated against Petrobas and the Brazilian oil and gas regulator, told shareholders on Friday that Petrobas was appealing the injunction and that there could possibly be no need for Karoon to get involved in the appeal.
However, due to the court recess period between December 20 and January 20, Karoon did not expect any resolution on the injunction until after the recess period, at the earliest.
Karoon itself is require to file its defence in February next year, with the company telling shareholders that it was taking advice regarding this.
The charges leveled against the three parties related to allegations that the existing sales process was not in compliance with Petrobas' obligations under the Brazilian Public Bidding Law, which requires an open public bidding process.
Despite the looming court battle, Karoon said that it remained committed to the negotiations with Petrobas over the Baúna and Tartaruga Verde fields. However, the company noted that the outcome of the court proceedings, and the timing of a resolution, remained uncertain.
Baúna field has been operating since February 2013 and currently produces about 45 000 bbl/d. Tartaruga Verde field is in initial development stages, with significant investments yet to be made.
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