Karoon Clears Way for ConocoPhillips-PetroChina Deal (Australia)

KaroonGas Australia pre‐emptive rights WA‐315‐P and WA‐398‐P Karoon Gas Australia Ltd has notified ConocoPhillips of its intention not to exercise its right to pre‐empt the proposed sale by ConocoPhillips of a 20% interest in Browse Basin exploration Blocks WA‐315‐P and WA‐398‐P to Chinese National Petroleum Company (“PetroChina”).

By not exercising its pre‐emptive right under the joint venture agreements, Karoon clears the way for the entry into the Joint Venture of a second highly appropriate partner for the future development of the Poseidon project. PetroChina is also a potential end user for LNG out of Poseidon.

Related: PetroChina Buys Into ConocoPhillips’ Australian Assets

As previously announced, PetroChina has agreed to acquire a 20% interest in the Browse Basin joint ventures covering exploration Blocks WA‐315‐P and WA‐398‐P (“Joint Venture”), which include the Poseidon gas condensate discovery.

“Karoon welcomes PetroChina to the Joint Venture and looks forward to a productive relationship,” said the company in a press release.

April 5, 2013

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