Farm-out Agreement with Sinochem Offshore Brazil

Perenco has signed an agreement with Sinochem Petroleo Brasil Ltda, the 100% owned subsidiary of Sinochem Corporation (Sinochem) to farm-out five concessions in the Espirito Santo basin, offshore Brazil.

Sinochem will fund Perenco in certain exploration wells in exchange for acquiring 10% working interest in the five concessions, subject to conditions. Following the completion of the transaction, which remains subject to government approvals in Brazil, Sinochem will acquire a 10% working interest in the Concessions.

Perenco will retain a 40% interest and remain as the operator. OGX Petroleo e Gas will maintain its 50% share in the Concessions. The Concessions, located in the deep water (100-2 000 m) sector of the Espirito Santo basin cover 3 625 square kilometres in total. Perenco, together with OGX were awarded the Concessions in the 9th Brazilian Licensing Round.

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