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Petrobras Provides Updates on Papa-Terra Field

Source: www.gulfoilandgas.com 11/24/2020, Location: South America

Petrobras, in relation to the news published in the media, regarding the divestment of the Papa-Terra field, Campos Basin, clarifies that the stage of receiving binding offers was completed on 9/29/2020. As a result, on 10/29/2020, negotiations started with Starboard Asset Ltda (Starboard), a fund manager that has a relevant stake in 3R OG Petroleum. The amount offered by Starboard is approximately US$ 90 million, considering firm and contingent payments, and there is no deadline for the end of the negotiations.

The beginning of negotiations with the participant who presented the best proposal is an expected unfolding in the divestment projects, of which, according to the Divestment Methodology, there is no forecast of disclosure to the market. The signing of the contracts related to this divestment is subject to the success of such negotiations and to obtaining the necessary corporate approvals. Thus, it is not possible to anticipate at this point whether the transaction will be completed and, if so, what the final amount will be paid.

Finally, Petrobras reinforces its commitment to the broad transparency of its divestment projects and portfolio management and informs that subsequent steps will be disclosed to the market according to the company's Divestment Methodology.

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