PBR didn't have any contingent payment in the original sale for Bauna of USD 665 mil (ie 49,9m deposit + Blnc of USD 615.1m). Ideally they should do a revised price adjustment since Oil dropped off. USD 17/bbl in April was the worst ever for Bauna.
For 18 mths Bauna (ie FY2019 + 1H 2020) oil sales should do around 9.8 to 9.9 mmbbls & apprx USD 520-530mil Revenue.
16mths sales from Bauna are 8.9 mmbbls Oil & Gross Rev of BRL$ 2083.39 mil. Dont have the actual sales/royalties data for May-June yet.
https://mz-filemanager.s3.amazonaws.com/25fdf098-34f5-4608-b7fa-17d60b2de47d/comunicados-ao-mercadocentral-de-downloads/ea575f5ad2cfc7aba54dcb7d1b3ce109aceb3a1918f7223ff6e8533c0019ccb8/petrobras_signs_contracts_for_sale_of_shallow_wate.pdf
https://s3.amazonaws.com/mz-filemanager/25fdf098-34f5-4608-b7fa-17d60b2de47d/9fa3b5e7-61fd-42d8-ab66-8c86c8d90590_fr_closing_pampo%20e%20enchova_ing.pdf
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For the Enchova Cluster sale PBR shaved off almost 50% of the sale price, but added that to the contingent payment.
So the headline act was USD851mil + 200mil Contingent became USD418.6mil plus 650mil in future contingent paymnts from Trident.
The Onshore asset was sold to another party for USD 7.2mil & gives the buyer 18 months to pay that amount.
Big news overnight, Bauna deal terms very likely to be revised, page-9
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