You are here

Karoon lacks drilling rig and places Peru block into force majeure

21st July 2014

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 places Peru block into force majeure as no drilling rig can be found
As a result, the Third Period term has approximately 22 months remaining once force majeure is lifted

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.

Related topics: 

Got a news tip? Email news@oilandgastechnology.net