Status updated
Brazilian authorities have notified the national oil company, Petrobras, to suspend all asset sales for a period of 90 days.
This could delay Seacrest Petroleo’s purchase of oil fields in the Norte Capixaba region.
Seacrest has not received any official communication from Petrobras that the purchase of the fields has been delayed.
Seacrest shares fell 10 percent on the Oslo Poor’s Thursday morning after the stock was first halted for trading.
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Seacrest’s assets are located on land in Espiritu Santo, Brazil. In 2021 it acquired several assets in Cricaré and last February the company entered into a purchase agreement with Petrobras for the purchase of fields in Norte Capixaba. Portions of the subscription proceeds will be used to pay for the purchase.
The final amount to be paid is US$443 million, after a price increase during the listing process of US$413 million.
The deal was a big part of the sale to investors ahead of Seacrest’s IPO. After completing the acquisition of Norte Capixaba, the company expects to become the third largest onshore oil and gas producer in Brazil in terms of reserves and production.
Petrobras’ request for comment does not affect Cricaré’s operation, the company’s financial obligations, or debt financing. Seacrest will keep the market updated in the future, says the letter from the company.
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