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Karoon Energy Reports Lifting of Injunction on Brazilian Crude Oil Export Tax

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Karoon Energy (ASX:KAR) said an injunction on the temporary export tax brought by the Brazilian Association of Oil and Gas Exploration and Production Companies was lifted following a court appeal, according to a Wednesday filing with the Australian bourse.

The development comes a day after the company reported obtaining the benefit of a preliminary injunction suspending payment of the 12% export tax on future exports and related unpaid liabilities.

Following the lifting of the injunction, Karoon will provide for and pay any export tax liabilities, and will "continue to select the end market for its production that yields the highest realized net price," the company said.

Its shares gained 2% in recent Wednesday trade.

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