Petrobras announces that it signed yesterday 08/27, with Karavan SPE Cricaré SA, a Special Purpose Company (SPE), a contract for the sale of the totality of its participation in 27 onshore exploration and production concessions, located in Espírito Santo, called jointly by Cricaré Cluster. Karavan O&G Participações e Consultoria Ltda. it will hold 51% of the SPE, while Seacrest Capital Group Limited, which is an equity provider, will hold the remaining 49%.

The sale value is US $ 155 million, of which (a) US $ 11 million is paid on the present date; (b) US $ 26 million at the closing of the transaction and (c) US $ 118 million in contingent payments provided for in the contract. The amounts do not consider the adjustments due and the closing of the transaction is subject to the fulfillment of precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels.

This disclosure is in accordance with the internal rules of Petrobras and with the provisions of the special procedure for the assignment of rights to explore, develop and produce oil, natural gas and other fluid hydrocarbons, provided for in Decree 9.355 / 2018.

This operation is in line with the portfolio optimization strategy and the improvement of the company's capital allocation, starting to increasingly concentrate its resources in deep and ultra-deep waters, where Petrobras has demonstrated a great competitive differential over the years.

About Cricaré Cluster 

The Cricaré Cluster comprises 27 land concessions: 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 Santo, in the municipalities of São Mateus, Jaguaré, Linhares and Conceição da Barra. Petrobras is an operator with 100% participation in these concessions. The average production of the Cricaré Cluster from January to June 2020 was around 1.7 thousand bpd of oil and 14 thousand m3 / day of gas.