Karoon Energy has terminated an exclusivity agreement with Enauta Energia over the proposed sale to Karoon of a 50% interest in the producing Atlanta oilfield offshore Brazil.

The Australia-based company said it was unable to complete the necessary due diligence and conclude negotiations of acceptable terms in respect of the potential transaction during the agreed exclusivity period.

Karoon had also withdrawn its conditional, non-binding and incomplete offer related to the potential transaction.