Karoon enters into new agreement for Timor acreage

Karoon Gas of Australia has entered into agreement with Woodside Energy to buy its 66.67% interest in permit AC-P8 in the Timor Sea for A$1 million (US$900,238).

The permit offers good exploration potential due to its location in an existing oil and gas producing area and its close proximity to several large oilfields, including the Woodside-operated Laminara and Corralina fields. The AC-P8 permit contains two prospects and at least three leads that need to be further defined prior to any drilling decision, said Karoon. The purchase is conditional on approval from the current partner in the acreage Talisman Oil & Gas and the extension of the permit for a further five-year term which will be sought post completion, both of which Karoon expects to be satisfied.
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