petrobras announced overnight that the sale of Pampo and Enchova cluster to Trident Energy was concluded on amended terms.
the upfront payment drops to $365.4m + $53.2 previously paid deposit vs. original terms of $800m including deposit. (!!!!!!)
contingent payment changes from $200m to $650m, this maintains the headline price. Would imagine this doesn’t kick in until brent back above $65-$70
note this deal was inked in July 2019, same time and market conditions as Bauna. Very clean read across to Bauna/Karoon acquisition and implies a upfront payment of $300-$350m BEFORE the sale adjustments.
the market hasn’t made the connection yet, fill your boots up!
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