Karavan SPE Cricaré SA, a specific purpose entity (SPE), agreed to purchase Petrobras’s entire interest in 27 onshore exploration and production concessions in Espírito Santo, jointly denominated the Cricaré Cluster.
The cluster comprises 27 onshore concessions: Biguá, Cacimbas, Campo Grande, Córrego Cedro Norte, Córrego Cedro Norte Sul, Córrego Dourado, Córrego das Pedras, Fazenda Cedro, Fazenda Cedro Norte, Fazenda Queimadas, Fazenda São Jorge, Guriri, Inhambu, Jacutinga, Lagoa Bonita, Lagoa Suruaca, Mariricu, Mariricu Norte, Rio Itaúnas, Rio Preto, Rio Preto Oeste, Rio Preto Sul, Rio São Mateus, São Mateus, São Mateus Leste, Seriema and Tabuiaiá in the cities of São Mateus, Jaguaré, Linhares and Conceição da Barra. The average production of Cricaré Cluster from January to June was around 1,700 bo/d and 14,000 cu m/d of gas. Petrobras is the operator with 100% interest of these concessions.
The purchase price of $155 million includes $11 million paid Aug. 27, $26 million to be paid at closing, and $118 million in contingent payments. The amounts do not consider adjustments due and are subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Karavan O&G Participações e Consultoria Ltda. will hold 51% of the SPE, while Seacrest Capital Group Ltd. will hold the remaining 49%.