Petrobras, continuing the statement of 31/10/2018, informs that it finalized today the sale, to Petrovida Holding BV (Petrovida), of the 50% equity interest that Petrobras International Braspetro BV (PIBBV) held in Petrobras Oil & Gas BV (PO&GBV).

The transaction involved a total amount of US$ 1,530 billion, which was adjusted to US$ 1,454 billion, reflecting the incidence of interest on the acquisition price and the deduction of the portion that was due to Petrobras from the payment of fees for approval of the transaction by the Government Nigerian. Of the total US$ 1,454 billion, Petrobras received US$ 1,030 billion in the form of dividends paid by PO&GBV since the base date of the transaction (01/01/2018) and is receiving US$ 276 million on today's date, remaining to receive US$ $123 million, subject to update once the Abgami field redetermination process is implemented; and US$ 25 million, until 30/06/2020.

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The distribution of dividends by PO&GBV is in line with the strategy of anticipating the monetization of the asset and was possible due to the operational generation and increase in gross debt of PO&GBV, which increased from US$ 800 million on 31/12/2017 to US$ 1,825 billion on 31/12/2019.
With the closing of this transaction, Petrobras fully terminates its operational activities in Africa.

The operation is in line with the optimization of the portfolio and the improvement of the company's capital allocation, with a view to generating value for its shareholders.

About PO&GBV

PO&GBV is a joint venture in the Netherlands formed, after the conclusion of the transaction, by Petrovida (50%) and BTG Pactual E&P BV (50%), with assets located in Nigeria. It has an 8% stake in the OML 127 block, where the Agbami producing field is located, and a 16% stake in the OML 130 block, which contains the Akpo and Egina producing fields, and is not an operator in any of them. Average oil production in 2019 from PO&GBV's assets was around 34 barrels/day (Petrobras' share).

About Petrovida

Petrovida, the company formed to acquire Petrobras' stake in PO&GBV, is wholly owned by Africa Oil Corp (Africa Oil), a Canadian publicly traded E&P company. Africa Oil is primarily focused on Africa, with deepwater assets under production and development in Nigeria, assets under development in Kenya, and a portfolio of exploration and assets under appraisal in Africa and Guyana. Africa Oil is listed on the Toronto Stock Exchange and Nasdaq Stockholm.

Source: Petrobras Press