PERTH (miningweekly.com) – A court has ordered Brazil's Petrobas to cease the sales process of the Baúna and Tartaruga Verde fields, which ASX-listed Karoon Gas is in negotiations to buy.
ASX-listed Karoon Gas on Monday alerted shareholders to the court proceedings against Petrobas and the Brazilian oil and gas regulator over the sales process.
The company said an interim injunction had ordered Petrobas to stop the sale process, but pointed out that the injunction was not final and that it was subject to appeal proceedings, which have been initiated.
Karoon in October confirmed that it was in negotiations with Petrobas over the possible acquisition of 100% of the Baúna field, located in shallow waters of post-salt Santos basin, and 50% of the Tartaruga Verde field, located in deep waters of post-salt Campos basin, where Petrobras will remain as the field's operator.
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.