"the upfront payment drops to $365.4m+ $53.2 previously paid...

"the upfront payment drops to $365.4m+ $53.2 previously paid deposit vs. original terms of $800m including deposit"

I don't think KAR will get to keep the accrued earnings to date. I think what you can expect is that KAR will have enough to cash to purchase without borrowing. Whether they will be able to pay for their drilling program is another story but also may be dependent on the oil price at the time. Borrowing for the drill program could be an option as it would be increasing production.

Comparison over 12 months

Original ann July 2019

Sale of Pampo and Enchova clusters The transaction amount is US$ 851 million, to be paid in two installments: (i) US$ 53.2 million today, upon signing of the contract; and (ii) US$ 797.8 million, before adjustments, on the closing date. The contract also provides for the additional payment of contingent amounts of up to US$ 200 million, depending on future oil prices. The so-called Pampo and Enchova Hubs are located in the Campos Basin, off the coast of Rio de Janeiro, and include the Enchova, Enchova Oeste, Marimbá, Piraúna, Bicudo, Bonito, Pampo, Trilha, Linguado and Badejo fields. Current total oil and gas production from these fields is about 25.5 thousand barrels per day through the PPM-1, PCE-1, P-8 and P-65 platforms. With this transaction, Trident will be the operator of these concessions with 100% stake. Trident Energy is an oil and gas company incorporated in 2016, specialized in the operation of mature upstream assets, focused on Latin America and Africa. The company has financial support from the Warburg Pincus Fund

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Rio de Janeiro, July 15, 2020 - Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 07/24/2019, reports that it has today completed the sale of its entire stake in the ten fields that comprise the Pampo and Enchova Clusters, located in shallow water in the Campos Basin in the state of Rio de Janeiro, to Trident Energy do Brasil LTDA, a subsidiary of Trident Energy L.P.

The transaction was concluded with the payment of US$ 365.4 million to Petrobras, after all of the previous conditions had been met, and considering adjustments provided for in the contract and other conditions subsequently agreed between the parties, and provides for contingent payment of an additional amount of US$ 650 million, including US$ 200 million disclosed on 07/24/2019. The amount received at the closing of the transaction is added to the amount of US$ 53.2 million paid to Petrobras at the signing of the sales agreement, totaling US$ 418.6 million.

This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.
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One indicator to the new pricing structure is revealed by the asset writedowns on Petrobras balance sheets. I posted about it some time ago. Petrobras established a new value going forward by doing this. They could hardly argue that the assets were still of the same value when their own figures were showing differently.