The buyer consortium failed to meet conditions before the contract deadline expired.
On Thursday, 17 September, Brava Energia announced the termination of its transaction to sell 11 onshore oil and gas concessions in the Potiguar Basin, located in Rio Grande do Norte. The buyer consortium was formed by Azevedo e Travassos Petróleo and Petro-Victory Energy.
Brava stated that the deal ended because the contractual deadline expired without the buyer consortium fulfilling certain conditions precedent. Consequently, Brava exercised its contractual right to terminate the agreement under the established terms.
The cancellation had been anticipated on Wednesday by Azevedo & Travassos Energia, which questioned the decision and stated it would pursue applicable legal measures. Brava stated that the termination does not affect its short- and medium-term strategic planning, operational plans, or capital allocation.
The company added that it considers the transaction closed and will remain attentive to any need to provide additional clarifications to the market as required by regulations.
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