Petrobras signs contract for onshore fields sale in ES

August 27 , 2020

Petróleo Brasileiro S.A. – Petrobras, following up on the release
disclosed on 09/06/2019, informs that it signed today with Karavan SPE Cricaré S.A., a Specific Purpose Entity (SPE), a contract for the sale of all of its stakes in 27 onshore exploration and production concessions , located in Espírito Santo, jointly denominated Cricaré Cluster. Karavan O&G Participações e Consultoria Ltda. will hold 51% of the SPE, while Seacrest Capital Group Limited, which is an equity provider, will hold the remaining 49%.

The sale amount is US$ 155 million, of which (a) US$ 11 million paid at this date; (b) US$ 26 million at closing of the transaction and (c) US$ 118 million in contingent payments foreseen in contract. The amounts do not consider the adjustments due and the closing of the transaction is subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels.

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 in line with the strategy of portfolio optimization and improvement of the company’s capital allocation, focusing its resources increasingly on deep and ultra-deep waters, where Petrobras has shown great competitive edge over the years.

About Cricaré Cluster
The Cricaré Cluster comprises 27 onshore concessions: the fields of Biguá, Cacimbas, Campo Grande, Córrego Cedro Norte, Córrego Cedro Norte Sul, Córrego Dourado, Córrego das Pedras, Fazenda Cedro,
Fazenda Cedro Norte, Fazenda Queimadas, Fazenda São Jorge, Guriri, Inhambu, Jacutinga, Lagoa Bonita, Lagoa Suruaca, Mariricu, Mariricu Norte, Rio Itaúnas, Rio Preto, Rio Preto Oeste, Rio Preto Sul, Rio São Mateus, São Mateus, São Mateus Leste, Seriema and Tabuiaiá, which are located in the state of Espírito Santo, in the cities of São Mateus, Jaguaré, Linhares and Conceição da Barra. Petrobras is the operator with 100% interest of these concessions. The average production of Cricaré Cluster from January to June 2020 was around 1.7 thousand bpd of oil and 14 thousand m3 /day of gas.

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