(WO) – Brava Energia has received authorization to proceed with steps to finalize the transfer of a 37.5% interest in the Papa-Terra field offshore Brazil, following a procedural order issued in ongoing arbitration proceedings.
The order, issued Feb. 15, allows 3R Petroleum Offshore, a subsidiary of Brava Energia, to take the necessary actions to conclude the transfer of the stake currently held by Nova Técnica Energy Ltda. in the Papa-Terra field consortium. The transfer includes required filings with Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) and other government authorities.
The authorization is subject to conditions that will remain in place until a final decision is issued by the arbitral tribunal. Under the terms of the order, 3R Offshore is prohibited from selling or transferring the 37.5% interest to third parties, and the transfer remains reversible pending the tribunal’s final ruling on the merits of the dispute.
Brava disclosed the development in a regulatory filing on Feb. 18, stating it will continue to update investors and the market in accordance with disclosure requirements as the arbitration process advances.
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