On 26 October 2018, Imetame concluded a farm-out for 50% working interest in the ES-T-354, ES-T-373, ES-T-441, ES-T-477, and ES-T-487 blocks in the onshore Espirito Santo Basin to Petro-Victory Energy Corp.Â      The deal is pending formal ANP      approvals.Â    Imetame acquired the five      blocks 100% in the ANP Round 14.   On 29 January 2018, Imetame with 100% working interest was granted official awards by the ANP for the ES-T-354, ES-T-373, ES-T-441, ES-T-477, and ES-T-487 blocks in the onshore Espirito Santo Basin from the ANP Round 14.Â  The company paid a total signature bonus of USD 898,564.67 for the five blocks and has work commitments of USD 4.46 million.Â  The blocks cover a total area of 143.20 sq km. Â The contract has one five year exploration period and 7.5% royalties.Â  The rentals for the block are USD 14.15/sq km/year.Â  The local content is stipulated as 50% in the five year exploration phase and in the development production phase is 50%.
Brazil, ES-T-441