The equity raising included a $67 million placement to institutional investors and a $217 million accelerated non-renounceable entitlement offer to institutional and retail shareholders. Proceeds will be used to complete the funding of Karoon’s acquisition of the Baúna oil field in the Santos Basin, Brazil, fund an exploration well in the Tumbes Basin, Peru and to support Karoon’s future growth initiatives.
Following the successful outcome of the placement and institutional entitlement offer, Karoon’s Managing Director, Robert Hosking commented: “We are pleased with the strong support shown by new and existing shareholders for the equity raising along with the acquisition of the Baúna producing oil field. The acquisition of Baúna represents a new phase for Karoon as a significant ASX listed oil exploration and production company.”
The ABL team advising Karoon on the equity raising included Consultant Jane Sheridan, Lawyer Jessica Spring and Law Graduate Karri Walker. Jane Sheridan commented: “It has been a pleasure for our team to assist Karoon with this substantial raising, which will fund such a transformational transaction for Karoon.”