Karoon Gas Australia Ltd has received written notification from the Brazilian oil and gas regulator, the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, advising that the revised Appraisal Plan ('PAD') for Karoon's 65% owned Santos Basin blocks S-M-1037, S-M-1101, S-M-1102, S-M-1165 and S-M-1166 has been approved.

The revised PAD specifies the minimum firm and contingent work program commitments required to be completed to satisfy the joint venture's obligations under the concession agreement. This is an important milestone for Karoon as it paves the way for the joint venture to finalise and prepare for the forward work program in the Santos Basin Brazil as follows:

Tags: Karoon Gas Australia Ltd