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Karoon Hits Pacific with Another Default Notice

Source: www.gulfoilandgas.com 7/29/2016, Location: South America

Karoon Gas Australia Ltd would like to update stakeholders on further developments relating to Karoonís 65% owned Santos Basin Brazil blocks S-M-1037, 1101, 1102, 1165 & 1166.

Karoon has issued default notices to its joint venture partner Pacific Exploration and Production Corp. (Pacific) consistent with its rights under the relevant Joint Operating Agreements (JOAs).†Pacific holds a 35% interest in the Blocks.†Notices relate to Pacificís failure to make payments under the JOAs.

Both parties are working together to resolve the issue and Karoon will provide further updates as necessary.

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