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!
Big news overnight, Bauna deal terms very likely to be revised
Add KAR (ASX) to my watchlist
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Last
$1.81 |
Change
0.005(0.28%) |
Mkt cap ! $1.450B | |||
| Open | High | Low | Value | Volume |
| $1.82 | $1.84 | $1.78 | $8.370M | 4.605M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 32319 | $1.81 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.82 | 28653 | 3 |
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| Last trade - 16.10pm 09/07/2024 (20 minute delay) ? |
| KAR (ASX) Chart |