PARTNERSHIP ON ATLANTA AND OLIVA FIELDS

BRAVA ENERGIA S.A. (“BRAVA”) (B3: BRAV3) (“Company”), pursuant to CVM Resolution No. 44, hereby, and following the material fact issued on March 21st, 2024 hereby informs its investors and the market in general that after fulfillment of all the precedent conditions, and authorization from the National Agency of Petroleum, Natural Gas and Biofuels (“ANP”), the closing of the transaction of 20% interest in the BS- 4 Concession, which includes the Atlanta and Oliva fields, acquired by affiliates of Westlawn Americas Offshore LLC (“WAO”), a Westlawn Group LLC company.

The transaction was concluded with the payment of US$ 234 million to the Company, considering adjustments provided for in the contract, which add to the US$ 75 million upfront installment received by the Company after signing in March 2024.

Brava Energia believes partnerships are essential for value creation and risk management on offshore major projects development. The transaction closing reinforces Brava Energia’s value creation strategy, supported by an efficient capital allocation, a high-growth, risk-adjusted returns portfolio. Highlights on the partnership with Westlawn:

  • Adding value to the next phases of Atlanta’s development with WAO’s experienced team, whom has a solid track record on value creation on leadership positions in leading companies in oil and gas global industry;
  • Balance sheet strengthening allowing to speed up organic and inorganic growth opportunities, shareholders earnings and access to competitive sources of capital;
  • Contribution to Brava Energia’s strategy of maximizing value on Atlanta oil trading, which currently is sold to low sulfur fuel markets on Southeast

Additionally, the transaction contributes to improve equity and debt investors Company’s valuation. The transaction implied value reinforces the current market value of Brava Energia, considering growth and value associated to offshore and onshore production portfolio and mid & downstream assets as well as relevant peripheric assets, such as long-term receivables from Yinson and fiscal assets.

ABOUT WESTLAWN AMERICAS OFFSHORE

WAO is a Houston-based company focused on the exploration, acquisition and development of high- quality deepwater oil and gas assets. WAO targets opportunities in the Americas with a focus on the U.S. Gulf of Mexico, Latin America and the Caribbean. The management team is comprised of a senior leadership and technical team with significant deepwater experience and a best-in-class track record of value creation. WAO is committed to delivering the team’s unique technical expertise, significant

capital and flexible deal structures to build a top-quality portfolio in partnership with best-in-class operators.

 

ABOUT WESTLAWN GROUP

 

Founded in 2021, Westlawn is a Houston-based, private investment firm focused on long-term investment in the global oil and gas industry. Westlawn seeks to acquire operated and non-operated interests in producing, development and exploration assets, as well as technologies that improve production. Westlawn is focused on investments throughout the United States, Latin America, the Caribbean and the Middle East.

 

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