Karoon acquires US Gulf of Mexico interests from LLOG

Karoon Energy Ltd (ASX: KAR) recently marked a milestone with the successful completion of the acquisition of key assets in the US Gulf of Mexico. The company secured 30% in Who Dat, Dome Patrol, and 16% in Abilene. Additionally, Karoon obtained diverse stakes in adjacent exploration acreage. This move positions Karoon Energy as a significant player in the region, tapping into established fields and promising exploration opportunities in the dynamic energy landscape.

The transaction, effective from October 1, 2023, involved a payment of US$684 million to LLOG, offset by a US$36 million deposit and additional fees. To facilitate the closing payment, Karoon utilized a US$274 million drawdown on a new US$340 million debt facility, secured US$312 million from a fully underwritten equity issue, and covered the remaining amount from existing cash reserves.

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