Karoon has received notification from the Peruvian oil and gas regulator, Perupetro S.A. that the Company’s application to place the Tumbes Basin exploration Block Z-38 into force majeure has been received and approved.
Karoon’s application for force majeure was requested on the basis of Karoon being unable to secure a suitable drilling unit within the required timeframe on the Pacific side of the Americas.
Force majeure has been granted effective 1 September 2013. As a result, the Third Period term has approximately 22 months remaining once force majeure is lifted.