Karoon Assessing Its Browse Basin Options (Australia)

As part of a larger set of agreements, including the sale of two separate interests in Australia and a joint study agreement in China, ConocoPhillips has agreed to sell to Chinese National Petroleum Corporation (“PetroChina”) a 20% interest in the Browse Basin joint ventures covering exploration Blocks WA-315-P and WA-398-P which include the Poseidon gas condensate discovery.

Pursuant to the terms of the joint ventures between Karoon and ConocoPhillips, Karoon has preemptive rights over the 20% interest being sold to PetroChina. This right will lapse at the beginning of April and Karoon is currently assessing its position with respect to the pre-emptive rights.

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Source: Karoon Gas Australia, March 7, 2013