brazil float delayed until nov 24?, page-6

This article, posted 40 minutes ago, says IPO pricing will be set on Nov 18, and shares will begin trading on Nov 22:

http://www.bloomberg.com/news/2010-11-10/karoon-delays-pricing-of-shares-in-brazil-ipo-for-week-update1-.html

Karoon Delays Pricing of Shares in Brazil IPO for Week
By Lucia Kassai - Nov 10, 2010 10:15 PM GMT+1100

Karoon Gas Australia Ltd., an Australian explorer, delayed pricing of a $773 million initial public offering in Brazil of unit Karoon Petroleo & Gas SA for a week to gather more applications from potential shareholders.

Karoon, a partner of ConocoPhillips in a gas venture off northwest Australia, will set the price on Nov. 18 instead of today as planned, the Mt. Martha, Victoria-based company said in a statement published in the Valor Economico newspaper. Shares will begin trading in Sao Paulo on Nov. 22, it said today.

The explorer plans to sell 31.9 percent of its South American business to fund exploration in Brazil and Peru. It expects to sell 1.03 million shares at between $603 and $750 apiece, raising as much as $773 million. The company has five holdings in Brazil?s Santos Basin, where Petroleo Brasileiro SA has made discoveries, Karoon said in a June 3 statement. In Peru, Karoon owns a block in the Maranon Basin.

Karoon fell 51 cents, or 5.3 percent, to A$9.14, the lowest in a month, on Nov. 9 in Sydney and the shares were halted from trading today, pending the company?s announcement in Brazil.

To contact the reporter on this story: Lucia Kassai in Sao Paulo at [email protected]

To contact the editor responsible for this story: Dale Crofts at [email protected].