KAR needs to pay USD 150m from its existing cash reserves AUD...

KAR needs to pay USD 150m from its existing cash reserves AUD 432mil (at 72c that's USD 311mil). So balance post-closure of the acq. they'll still have USD160mil cash. Board's Decision on Patola development drillng etc will happen once they get their hands on the asset. ESP Intervention shouldn't take much Capex. So not sure why they'd keep that 'lifeline' as they aren't buying any other assets other then Bauna.

As for the SP, Brent is at USD43/bbl & the transaction hasn't closed yet post renegotiation of terms so KAR can not provide actual Revenue, EBITDA, FCF figures which is what the mkt wants to hear about for the 9.9 mmbbls crude sold to get an idea of how the numbers actually stack up for 18mths.

Meanwhile, PBR's qtrly report is a good read.

For Q2-2020, 87% of its crude oil was exported to China (69% for 1H-20). Overall EBITDA was USD 4.8bil, USD 3bil in Free C/Flw. Lift costs for shallow water fields were lower which partially offset the drop in Brent price, Gross Debt still high. Earnings affected on 2 fronts mainly the Exchange rate Reais vs USD & Oil price drop. Buzios oilfield to have 12 FPSO's out of which 4 are operational currently, no wonder the Chinese rocked up onboard that JV.