Petrobras Concludes the Sale of the Miranga Cluster

Source: www.gulfoilandgas.com 12/6/2021, Location: South America

Petrobras, following up on the release disclosed on 02/24/2021, informs that it concluded the sale of its total stake in nine onshore exploration and production fields, jointly called Miranga Cluster, located in the state of Bahia, to SPE Miranga S.A., a wholly owned subsidiary of PetroRecôncavo S.A. (PetroRecôncavo).

After compliance with the preceding conditions, the transaction was concluded with the payment of US$ 47.7 million to Petrobras, already with the adjustments provided for in the contract. The amount received at closing is in addition to the US$ 11 million paid to Petrobras when the sale contract was signed. The company will still receive the following installments, subject to adjustments: (i) US$ 80.1 million that will be paid in installments over twelve, twenty-four and thirty-six months; and (ii) up to US$ 85 million of contingent payments related to future oil prices.

This disclosure is in accordance with Petrobras' internal rules and with the provisions of the special procedure for assignment of rights on exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This transaction is aligned with the company's strategy of portfolio management and capital allocation improvement, aiming to maximize value and provide greater return to society. Petrobras is increasingly concentrating its resources on assets in deep and ultradeep waters, where it has shown a great competitive differential over the years, producing better quality oil and lower greenhouse gas emissions.

About Miranga Cluster
The Cluster comprises the onshore fields of Miranga, Fazenda Onça, Riacho São Pedro, Jacuípe, Rio Pipiri, Biriba, Miranga Norte, Apraiús, and Sussuarana, located in the state of Bahia. Petrobras is the operator with 100% stake in these concessions. The average production of the Miranga Cluster in 2021 was approximately 691 barrels of oil per day (bpd) and 362.3 thousand cubic meters of natural gas per day.

About PetroRecôncavo S.A.
PetroRecôncavo is a Brazilian oil and gas company, listed in the Novo Mercado of the Brazilian stock exchange – B3, active in revitalizing and increasing the recovery factor of mature onshore fields and is currently one of the largest independent producers in the industry.

The company acquired Petrobras' stake in the Riacho da Forquilha Cluster in 2019. In 2020, it acquired a new exploratory block in the Potiguar Basin and signed a purchase and sale agreement regarding Petrobras' stake in the Remanso Cluster.


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