Australia’s Karoon Energy has secured a loan facility of up to $275 million to help finance its proposed acquisition of the Bauna oilfield in Brazil’s offshore Santos basin.
Karoon said it had signed a senior secured term loan facility for the cash, which will be fully underwritten by the Singapore branch of ING Bank.
The facility will be used as part of the funding package for Karoon’s acquisition of a 100% interest in the BM-S-40 concession, which contains the Bauna oilfield, from Petrobras in a US$665 million deal announced earlier this year.
