Done. Finalised. Complete.

Enjoy! Thanks Petrobras!

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Baron

Full text:

Petrobras concludes the sale of Baúna field
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Rio de Janeiro, November 6, 2020 - Petróleo Brasileiro S.A. – Petrobras, following up on the releases
disclosed on 07/24/2020 and 07/28/2020, informs that it has concluded today the sale of its entire stake
in the Baúna field (BM-S-40 concession area), located in shallow waters in the Santos Basin, to Karoon
Petróleo & Gás Ltda (Karoon), a subsidiary of Karoon Energy Ltd.

After fulfilling the previous conditions, the transaction was concluded with the payment of US$ 150
million to Petrobras. The value received at the closing is added to the amount of US$ 49.9 million paid
to Petrobras at the signing, on July 24, 2019. The remaining amount, estimated in approximately US$ 40
million, will be paid by Karoon in 18 months from today's date, considering the price adjustments, since
the base date of the transaction is 01/01/2019 and, thus, the value was adjusted according to the result
of the cash flow incorporated by Petrobras until the closing date. In addition, it was agreed by the parties
the contingent part of the price, to be received by Petrobras until 2026, in the amount of USS 285 million.
This disclosure complies with the Petrobras' internal rules and with the provisions of the special
procedure for assignment of rights to exploration, development and production of oil, natural gas and
other fluid hydrocarbons, provided for in Decree 9,355/2018.

This transaction is in line with the portfolio optimization strategy and the improvement of the
company’s capital allocation, increasingly concentrating its resources in world-class assets in deep and
ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About Baúna field

The Baúna field, located in the Santos Basin on the coast of the state of São Paulo, began operating with
the FPSO Cidade de Itajaí in February 2013. The average production of the field from January to
September 2020 was approximately 16 thousand barrels of oil per day and 104 thousand m³/d of gas.
With this transaction, Karoon will become the operator of the concession with 100% stake.