Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/karoongas-provide-wa-315-p-and-wa-398-p-exploratio.shtmlKaroonGas provide WA-315-P and WA-398-P exploration update
Karoon Gas Australia Ltd has now notified ConocoPhillips
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Karoon Gas Australia Ltd has now 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.
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 looksforward to a productive relationship.
