Petroreconcavo S.A. signed a contract to acquire 12 Onshore Fields in Bahia from Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) for $30 million on December 23, 2020. Out of the consideration, $4 million is paid on December 23, 2020, $21 million is payable on closing of the transaction and $5 million one year after closing. The amounts do not take into account the adjustments due and the closing of the transaction is subject to compliance with precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the transaction on September 23, 2021.

Petroreconcavo S.A. completed the acquisition of 12 Onshore Fields in Bahia from Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) for $16.3 million on December 22, 2021. The transaction was concluded with the payment of $7.3 million. The amount received at the closing adds to the amount of $4 million paid to Petrobras when the sale contract was signed. The company will also receive $5 million one year after the closing of the operation, an amount to be adjusted based on the conditions foreseen in the contract.