Of late, Petroleo Brasileiro S.A. aka Petrobras (PBR - Free Report) entered into an agreement with PetroRio Jaguar Petróleo Ltda wherein the former will sell its 30% stake in Frade concession to the latter.
The divestment also included the sale of the complete interest owned by Petrobras Frade Inversiones SA (PFISA), a unit of Petrobras, in the company Frade BV, which operates the offshore assets used in developing the Frade field production.
Proceeds from the sale will be received in part payments. Initially, a tranche of $7.5 million will be earned upon inking the deal. The remaining $92.5 million will be obtained on culminating the transaction, contingent upon certain adjustments due. Further, an amount of $20 million will be secured provided a prospective discovery is made in the field.
Petrobrasis committed to investing in deepwater and ultra-deepwater assets, especially pre-salt, which is expected to generate highest pecuniary return. With the Frade field’s divestiture, the company will be able to concentrate more on its portfolio.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Of late, Petroleo Brasileiro S.A. aka Petrobras (PBR - Free Report) entered into an agreement with PetroRio Jaguar Petróleo Ltda wherein the former will sell its 30% stake in Frade concession to the latter.
The divestment also included the sale of the complete interest owned by Petrobras Frade Inversiones SA (PFISA), a unit of Petrobras, in the company Frade BV, which operates the offshore assets used in developing the Frade field production.
Proceeds from the sale will be received in part payments. Initially, a tranche of $7.5 million will be earned upon inking the deal. The remaining $92.5 million will be obtained on culminating the transaction, contingent upon certain adjustments due. Further, an amount of $20 million will be secured provided a prospective discovery is made in the field.
Petrobrasis committed to investing in deepwater and ultra-deepwater assets, especially pre-salt, which is expected to generate highest pecuniary return. With the Frade field’s divestiture, the company will be able to concentrate more on its portfolio.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Download Free Report Now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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