Enauta signs agreement to sell stake in Manati field to Gas Bridge

Aug 17, 2020

Enauta (ENAT3) signed a contract with Gas Bridge to sell its entire 45% stake in the Manati field in Bahia, the company said in a statement released on Sunday.

The transaction involves R $ 560 million, the company said, noting that the amount is subject to the overcoming of contractual conditions and “can be increased depending on certain regulatory and commercial events and conditions”.

The company also said that, under the terms of the agreement, the cash flow related to the Manati field will remain with Enauta Energia until December 31, 2020.

“It is estimated that all acts necessary to conclude the contract, including the payment of the purchase price, will be carried out by December 31, 2021,” added the company in the statement.

Results

Enauta reported consolidated net income of R$ 127.8 million in the second quarter. The figure represents a 526% jump over the same period last year. The result was favored by the positive operating result and gains from hedge operations.

Even in what is considered the worst quarter of the year, due to the coronavirus pandemic, the oil company managed to increase its daily production, compared to the previous quarter and the same period of 2019.

Daily oil production was 14.6 thousand barrels equivalent, and gas, 3.2 thousand barrels equivalent. In the first quarter, volumes were 11.4 thousand and 5.7 thousand, respectively.

Source: Reuters

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