Australian firm Karoon Energy is in talks with Brazil’s Enauta Energia, a subsidiary of Enauta, to purchase a 50% stake in the Atlanta oil field, offshore Brazil.
Karoon has made a conditional, non-binding offer, as well as signed an exclusivity agreement with Enauta Energia for the due diligence and confidential negotiations.
Go deeper with GlobalData
Valid until the end of May 2022, the exclusivity agreement forms part of Karoon’s strategy to pursue value-accretive, inorganic growth opportunities.
Karoon said in a statement: “The Atlanta opportunity is just one of several opportunities Karoon continues to evaluate in line with this strategy, in the normal course of business.
“The offer may be withdrawn, or modified, and does not oblige Karoon to proceed with the transaction. Karoon will keep the market informed in accordance with its continuous disclosure obligations.”
See Also:
Karoon noted that it is ‘well positioned’ to proceed with the transaction, with $334m of available liquidity as of the end of 2021, and other funding options.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe Atlanta oil field is located in block BS-4 of the Santos basin, that has been in the early production stage since May 2018.
The field is currently producing through an early production system (EPS), which comprise three wells that are connected to the floating production storage and offloading (FPSO) unit Petrojarl I.
As per the estimates, the field holds a 2P reserve of 103.1 million barrels of oil equivalent.
