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Petrobras, Continuing the Announcement of 10/31/2018, Informs That It Has Completed Today the Sale to Petrovida Holding B.V. (Petrovida) of the 50% Equity Stake Held by Petrobras International Braspetro BV (PIBBV) in Petrobras Oil & Gas B.V. (PO&GBV).
The transaction involved a total value of US$ 1.530 billion, which was adjusted to US$ 1.454 billion, reflecting interest on the purchase price and the deduction of the portion due to Petrobras from the payment of fees for the transaction’s approval by the Nigerian Government. Of the total US$ 1.454 billion, Petrobras received US$ 1.030 billion in the form of dividends paid by PO&GBV since the transaction’s base date (01/01/2018) and is receiving US$ 276 million today, with US$ 123 million remaining to be received, subject to adjustment, as soon as the redetermination process of the Abgami field is implemented; and US$ 25 million by 06/30/2020.
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The distribution of dividends by PO&GBV is in line with the strategy of advancing the monetization of the asset and was made possible due to operational generation and the increase of PO&GBV’s gross debt, which rose from US$ 800 million on 12/31/2017 to US$ 1.825 billion on 12/31/2019.
With the closing of this transaction, Petrobras completely concludes its operational activities in Africa.
The operation is aligned with the portfolio optimization and improved capital allocation of the company, aiming to generate value for its shareholders.
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About PO&GBV
PO&GBV is a joint venture in the Netherlands formed, after the completion of the operation, by Petrovida (50%) and BTG Pactual E&P B.V. (50%), with assets located in Nigeria. It holds an 8% stake in block OML 127, where the producing field of Agbami is located, and a 16% stake in block OML 130, which contains the producing fields of Akpo and Egina, not being the operator of any of them. The average oil production in 2019 from PO&GBV’s assets was about 34,000 barrels/day (Petrobras’ share).
About Petrovida
Petrovida, a company formed to acquire Petrobras’s 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 in Africa, with deepwater assets in production and development in Nigeria, development assets in Kenya, and a portfolio of exploration and evaluation assets in Africa and Guyana. Africa Oil is listed on the Toronto Stock Exchange and Nasdaq Stockholm.
Source: Petrobras Press
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