Karoon Energy: Gets approval for Baúna royalty rate reduction

Karoon Energy Gets approval for Baúna royalty rate reduction

• Karoon Energy (KAR) receives approval from the Brazilian National Agency for Petroleum, Natural Gas and Biofuels (ANP) for its updated Baúna development plan
• This decision is expected to be formalised in the next few days and will be subject to signing an amendment of the current concession contract
• Once formalised, the reduced royalty rate will apply to all incremental production from the Baúna, Piracaba and Patola oil fields
• The updated royalty rates are expected to take effect from the beginning of the month
• Shares in Karoon are up 6.28 per cent, trading at $2.20 at 2:29 pm AEDT