Karavan O&G Participações e Consultoria Ltda. and Seacrest Capital completed the acquisition of 27 onshore exploration and production concessions located in Espírito Santo from Petróleo Brasileiro S.A. - Petrobras.

Karavan O&G Participações e Consultoria Ltda. and Seacrest Capital agreed to acquire 27 onshore exploration and production concessions located in Espírito Santo from Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) for approximately $160 million on August 27, 2020. As per terms of the consideration, Petróleo Brasileiro S.A. - Petrobras paid $11 million at this date; $26 million will be paid at closing and $118 million will be paid in contingent payments. The amounts do not consider the adjustments due. Upon completion, 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 closing of the transaction is subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels and Karavan O&G Participações e Consultoria Ltda. and Seacrest Capital has obtained the Environmental License from IEMA. Morgan Stanley (NYSE:MS) acted as financial advisor to Karavan O&G Participações e Consultoria Ltda. in the deal. Jorge Pedroso, Rodrigo Câmara, Bernardo Pedrete, Cristina Justo and Juliane dos Santos Lacerda of Barbosa, Raimundo, Gontijo e Câmara Advogados acted as legal advisors to Seacrest Capital and Karavan O&G Participações e Consultoria Ltda. Giovani Loss, Danielle Ludwig, José Eduardo Siqueira, Flávia Toledo Giambroni, Eugênia Maria Menezes Pedroso, Ana Carolina Nakamura, Igor Moreira Novais Teixeira, Marcelo Schwartzmann and Viviane Kwon and Thiago Luís Sombra of Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados acted as legal advisors to Seacrest Capital. Daniel Szyfman, Diana Pacifico Henne, Arthur Bardawil Penteado, Anna Carolina Ramos Coelho Joppert, Fernando Fernandes Xavier and Raphael Barboza Correia of Machado Meyer Advogados acted as legal advisors to Petróleo Brasileiro S.A. - Petrobras. BR Partners Banco de Investimento S.A. acted as fairness opinion provider to the Board of Directors of Petróleo Brasileiro S.A. - Petrobras. Karavan O&G Participações e Consultoria Ltda. and Seacrest Capital completed the acquisition of 27 onshore exploration and production concessions located in Espírito Santo from Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) on December 29, 2021. Petróleo Brasileiro received $27 million at signing of agreement, $11 million at closing and will receive $118 million in contingent payments.