Karoon said it had issued the default notices under the agreements related to blocks S‐M‐1037, 1101, 1102, 1165 and 1166.
It said the notices were issued due to Pacific’s failure to make payments under the joint operating agreements, but added both parties were working together to resolve the issue.
Karoon issued Pacific with default notices last month, with the Canadian company resolving the issue by making the payments a week later.
Karoon
