The Toronto-based company has now made the payments due to Karoon in respect of offshore exploration blocks in the Santos basin “and this matter is now resolved,” Karoon said on Wednesday.
Karoon had earlier this week issued a default notice to Pacific E&P over the overdue payments, saying it was “unfortunate the joint operating agreement default provisions had been triggered”.
However, it added that the pair were working together to remedy the situation as soon as possible.
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