The approval by Brazil's National Petroleum Agency (ANP) formalises an initial deal signed in September 2012 for blocks S-M-1102, S-M-1102, S-M-1037 and S-M-1165, according to a Karoon statement on Monday.
That area played host to the Kangaroo-1 discovery, expected to contain best estimate contingent resources of 135 million barrels of oil.
The Australia player has started pre-FEED studies and plans more drilling for the block, including a second exploration well and an appraisal well.
Toronto-listed
