PETRO RIO MATERIAL FACT SALE OF INTEREST IN THE MANATI FIELD

– Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), informs its shareholders and the market in general that it has signed binding documents with Gas Bridge SA (“Gas Bridge”), concerning the sale of the 10% interest held by the Company in the Manati Field (“Field” or “Manati”).

Total transaction value is R$ 144.4 million and includes the transfer of all the Company’s liabilities in the field, including its participation in the abandonment. The transaction depends on conditions precedent, among which is the success of Gas Bridge in the acquisition of Petrobras’ Manati operation.

The deal comprises a fixed tranche of R$ 124.4 million and an earn-out of R$ 20 million, subject to certain subsequent Field-related regulatory approvals.

The effective date of the sale is December 31, 2020, and the Company will continue to be entitled to the Field’s cash generation until such date.

This move is part of the Company’s value generation strategy through dynamic management of its asset portfolio and reinforces PetroRio’s focus on operated assets that composes the core of its business.

The Company will keep the market informed of any material facts related to this subject.

 

 

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.