Karoon Energy Ltd., Melbourne, signed an exclusivity agreement with Brazilian company Enauta Energia SA to undertake due diligence and negotiate possible acquisition of a 50% non-operated interest in Atlanta oil field in the Santos basin offshore Brazil.
Karoon confirmed it submitted a confidential, conditional, non-binding, and incomplete offer to Enauta after it was made public in an article on a Brazilian petroleum industry website and later confirmed by Enauta.
The agreement is valid until May 31, 2022.
The field is one of several opportunities the company is pursuing, Karoon said.
The offer may be withdrawn or modified and does not oblige Karoon to continue with the transaction.
Karoon has $334 million in available liquidity as of Dec. 31, 2021. Its assets include two discoveries and 100% interest in producing Bauna oil field in the Santos basin as well as exploration interests in Tumbes basin offshore Peru and Carnarvon basin offshore Western Australia.