Pacific makes overdue payment to Karoon

Karoon Gas Australia on Tuesday said it had issued a default notice to Pacific Exploration and Production Corp., its joint venture partner in Brazil, in respect of an overdue payment.  

A day later, on Wednesday, Karoon said the issue has been resolved, as Pacific made the overdue payment.

Karoon has 65% interest in five Santos Basin blocks, S‐M‐1037, 1101, 1102, 1165 & 1166, and Pacific holds the remaining 35%.

The two companies are reviewing the planned appraisal drilling campaign at Echidna light oil discovery scheduled for the September quarter 2016.

Offshore Energy Today Staff