Karoon Gas Australia Ltd., Melbourne, has completed its farmout of a 35% participating interest in its offshore Block Z-38 Tumbes basin permit to Tullow Oil PLC. Tullow has acquired the interest in return for funding 43.75% of the cost of the first exploration well, capped at $27.5 million, beyond which Tullow will pay its 35% share of the total well cost.

Source: News