KAR 0.00% $2.16 karoon energy ltd

Following on from the teleconference..Not too much doubt on the...

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    Following on from the teleconference..

    Not too much doubt on the FID next QTR.

    The Australian oil company Karoon Energy announced the plans for the acquisition of necessary equipment for the Patola field, in the Santos basin. The agreement was signed with TechnipFMC and provides for long-term items that will be used in the development of the asset. The information was disclosed in the company’s financial and operating balance sheet for the fourth quarter of 2020.

    Currently, Karron is bidding on the works that will be carried out for well interventions and the development of the Patola field. The company expects to have the Final Investment Decision on the development of the area by the end of the second quarter of this year. The company is also conducting a tender for a potential drilling of a control well in the discovery of Neon, also in the Santos basin. Patola’s development and Neon drilling should use the same drilling rig.

    Also during the quarterly report, the company mentioned the results and plans for the Baúna field, recently purchased from Petrobras. The acquisition of the asset made the oil company one of the largest oil producers on the Australian stock exchange. The FPSO Cidade de Itajaí, which operates in the area, will have an annual scheduled maintenance stop of eight days during the month of February.

    Karoon had an output of almost 15,000 barrels of oil per day during the quarter in the field and plans to increase that volume through low-risk optimization of existing production wells and the development of the Patola discovery.
 
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