Karoon will pay up to US$20.5 million for Pacific’s interest in blocks S‐M‐1037, S‐M‐1101, S‐M‐1102, S‐M‐1165 and S‐M‐1166, where it already holds the remaining 65% equity.
It will pay US$15.5 million up front following the completion of the deal, while the sale and purchase agreement also includes a deferred contingent payment of US$5 million which will be payable on production from the blocks reaching at least 1 million barrels of oil equivalent.
The
