Karoon ends Exclusivity Agreement with Enauta Energia

Karoon Energy Ltd (ASX: KAR) announced that it provided notice to o Enauta Energia S.A. to end the Exclusivity Agreement entered into to commence due diligence plus negotiations related with possibly acquiring a 50% non-operated interest in the Atlanta oil field, Santos basin, offshore Brazil. Further, Karoon has also withdrawn its conditional, non-binding and incomplete offer regarding the possible transaction.

The Company could not complete the required due diligence and accomplish negotiation of suitable terms regarding the probable deal during the agreed exclusivity period.

KAR will continue to assess chances consistent with its announced plan of seeking value accretive, inorganic growth chances in the normal course of business.

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