Karoon Gas Australia Ltd. (KAR.AU) said Friday that it hopes to wrap up a process to sell stakes in its Brazil and Peru assets in the first quarter of next year.

"Karoon continues to have strong interest, with several parties now moving through internal reviews, declaring an interest or scheduling visits," the company said in a statement to the Australian Securities Exchange.

Karoon has a data room open on its assets in Peru's Tumbes Basin and Brazil's Santos Basin, where a number of large oil fields have been found.

Karoon also said it expects to start a five-well drilling campaign in Australia's Browse Basin with partner ConocoPhillips (COP) in early February, following the completion of maintenance at the Transocean Legend rig.

-By David Winning, Dow Jones Newswires; +61-2-82724688; david.winning@dowjones.com

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