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Petrobras Informs About Progress in the Sale of the Bauna Field

Source: www.gulfoilandgas.com 7/24/2020, Location: South America

Petrobras informs that, due to the impact caused by the COVID-19 pandemic and the consequent difficulty in meeting the precedent conditions initially defined, in common agreement with Karoon Petroleo & Gas Ltda ("Karoon"), a subsidiary of Karoon Energy Ltd, defined adjustments to the terms of the sale contract for the totality of its participation in the Bauna field (concession area BM-S-40), located in shallow waters in the Santos Basin.

The adjustments to the terms of the contract considered the extension of the term for meeting the conditions precedent to the closing of the transaction and the division of the transaction value, previously announced, of US $ 665 million, in two installments, being:

(i) a portion of US $ 380 million, comprising US $ 49.9 million already paid by Karoon on 7/24/2019, US $ 150 million to be paid on the closing date and the price adjustments due. The remaining amount will be paid in 18 months after the completion of the transaction and;

(ii) a contingent installment of US $ 285 million to be paid by 2026.

This operation is in line with the portfolio optimization strategy and the improvement of the company's capital allocation, starting to increasingly concentrate its resources in deep waters and ultra-deep, where Petrobras has demonstrated great competitive differential over the years.

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