Bauna Deal Announced., page-126

https://brazilenergyinsight.com/2020/07/25/petrobras-on-advance-in-the-sale-of-the-bauna-field/

Deal of the century - well done Bob Hosking and team!

I see no further payment from Karoon until the $180 million due in 18 months after closing (in 30 - 90 days), other than contingency in 2026.

Production credit should be about $230 Million from Jan 1, 2019 to July 25, 2020. The Quid Pro Quo for Petrobras is that they are putting a $150 Million Cap on Karoon's Production credit in return for allowing Karoon 18 months to pay the balance and reducing definite close amount and converting it to a win/win contingency payment. If the contingency terms are on any similar basis to contingency payment in the original deal (pay contingent $50 million if oil price averages over $100 in 2020 and another $50 million if oil price averages over $120 in 2021) , we WANT Karoon to pay the full contingency payment, because it means oil prices went ballistic and Karoon made double the contingency payment.

Have a nice Monday!