The pair executed a farm-in agreement in August 2010 covering blocks S-M-1352 and S-M-354 in the BM-S-41 concession, in Brazil's offshore Santos basin.
The deal was conditional on the joint venture gaining regulatory approval from regulator Agencia Nacional do Petroleo (ANP).
On Thursday, Karoon said it had been advised discussions between Petrobras and the ANP over the block status were nearing completion, clearing the way for it to take its 20% stake in Block S-M‐1352.
