Karoon Energy in talks with lenders to fund Brazil, US M&A
Brazil-focused oil and gas producer Karoon Energy is negotiating with international banks to increase its loan facility in a matter of weeks.
ASX-listed oil and gas explorer Karoon Energy is in discussions with lenders to upsize its loan facility as it hunts for acquisitions of oil and gas assets in in the US and Brazil.
Karoon's chief executive Julian Fowles told Capital Brief the company is talking to two or three international banks about increasing its loan facility from USD210 million to USD300 million and above, with negotiations expected to conclude in a matter of weeks.
The increased funding will be used for both organic growth and acquisitions, he said, with the company already eyeing opportunities of producing assets in Brazil and the US.
"We are busy at the moment assessing one or two opportunities in Brazil and one or two opportunities in the Gulf of Mexico... we're looking at, overall, two or three opportunities that we'd be hoping we can progress to the next stage get into a bit of technical due diligence," he said.
