Enauta boosting production

Reflecting share prices doubling from just above BRL 10,00 in late March 2023 to just above BRL 20,00 on 26th December 2023, Enauta is capturing the currently positive market reaction as it concludes the acquisitions of Uruguá-Tambaú (100%) and Parque das Conchas (23%) interests, as well as FPSO Cidade de Santos (deployed in Uruguá-Tambaú). In bundle, the operator invests USD 32,275 million cash upfront, with committed and contingent additional payments up until USD 201,225 million, with an added production of approximately 13,5 thousand bbls / day (additional to its current 6,4 thousand bbls / day 2023 average as reported on 05th December 2023 press release). There is a series of potential synergies amongst the fields of Oliva/Atlanta, Uruguá-Tambaú and Parque das Conchas, in a movement that is anything but “on occasion” by Enauta. Farm-ins or full-takeovers are a far more complex a deal than a Christmas announcement might reveal. Take for instance that the Parque das Conchas 23% farm-in (or full acquisition from QatarEnergy Brasil interests) balance payments consider the effective date of 01st July 2023. This and other news on farm-ins and farm-outs in Brazil will be featured in the next edition of our One.Energy magazine.