Karoon Energy (ASX:KAR) report that significant progress has been made towards obtaining approval from the Brazilian National Agency for Petroleum, Natural Gas and Biofuels (ANP).
They are preparing a workover plan for the Baúna field, acquired from Petrobras in July 2019.
The goal is to expand production through intervention on four wells, plus developing the neighboring Patola discovery.
Karoon is now aiming to complete the transaction in the last half of October 2020.
Shares in Karoon Energy (ASX:KAR) are trading 3.5 per cent higher at $0.73.