On 27 September 2018, the ANP granted formal approval to Imetame to acquire the 30.65% working interest held by lone partner Orteng in the Cardeal Amarelo and Cardeal do Nordeste production concessions.Â      Imetame now holds 100% working interest      in both production concessions.   The Cardeal do Nordeste production      is currently involved in unitization negotiations with Alvopetro regarding      the gas discovery covering several contiguous blocks.   However, Orteng still holds its      30.65% working interest in the remaining valid exploration area of the BT-REC-035      contract, REC-T-210 block and BT-REC-036 contract, REC-T-211 block  Imetame was operator of both production      concession contracts with a 69.35% working interest and lone partner was      Orteng with 30.65% working interest.    On 10 January 2018, the ANP approved a resolution to arbitrate the technical terms for the preliminary unitization agreement between Alvopetro and Imetame regarding the Cabure, Cabure Leste, and Cardeal do Nordeste production concessions and the REC-T-212 block that share a common gas reservoir in the onshore Reconcavo Basin.Â  Alvopetro issued a press release regarding the unitization agreement on 15 January 2018.Â  It provided the following information including that total estimated in place gas reserves for the unitized are estimated to be 127.1 Bcfg.Â  The ANP approved of the following ownership split of the reservoir based on working interest and block area involved.Â  The three companies involved in the process Alvopetro, Imetame, and Orteng will have 60 days to finalize various additional requirements to conclude the unitization agreement including preparation and filing a joint development plan, choosing the unit operator, and execute a joint operating agreement.Â  If the parties are unable to reach an agreement by 13 March 2018, the ANP will make the final decisions.Â  According to Alvopetro, the ANP evaluated all of the technical information regarding the common reservoir and decided on the working interest share of each party as follows.    Alvopetro      was granted 49.1 % of the reservoir that represents 62.4 Bcfg in place      estimated reserves.   Imetame was      granted 36.1 % of the reservoir that represents 45.9 Bcfg in place      estimated reserves.   Orteng was      granted 14.8 % of the reservoir that represents 18.8 Bcfg in place      estimated reserves.    Â On 12 July 2016, the ANP granted formal approval to Imetame to merge the 3.36 sq km Cardeal Amarelo Oeste production concession into the 2.56 sq km Cardeal Amarelo production concession retroactive to 5 May 2015.Â  The merged Cardeal Amarelo production concession now covers an area of 5.92 sq km.Â  The production concessions were granted final awards in May 2015.  On 13 May 2015, the ANP granted formal approval to Imetame for its commerciality declaration of the 8.37 sq km Cardeal do Nordeste production concession retroactive to 2 April 2015. It was carved out of the northeastern corner of the BT-REC-036 Contract, REC-T-211 block. The 1-IMET-003-BA and 1-IMET-010D-BA are considered the discovery wells for the production concession. The operator also filed two additional commerciality declarations that were granted formal awards out of the discovery evaluation plan (PAD), the Cardeal Amarelo production concession and the Cardeal Amarelo Oeste production concession from the REC-T-210 block. As a result of the production concession carve outs from the REC-T-211 block, the area has been reduced to 17.28 sq km from 28.21 sq km.Â  It still remains valid as a PAD for the 1-IMET-005-BA new-field wildcat.  On 13 May 2015, the ANP granted formal approval to Imetame for its commerciality declaration of the 2.56 sq km Cardeal Amarelo production concession retroactive to 5 May 2015. The block was carved out of the western area of the BT-REC-036 contract, REC-T-211 block. The 1-IMET-002-BA is the discovery well for the production concession. The operator also filed two additional commerciality declarations that were granted formal awards out of the discovery evaluation plan (PAD), the Cardeal Amarelo production concession and the Cardeal Amarelo Oeste production concession from the REC-T-210 block. As a result of the production concession carve outs from the REC-T-211 block, the area has been reduced to 17.28 sq km from 28.21 sq km. It still remains valid as a PAD for the 1-IMET-005-BA new-field wildcat.  On 13 May 2015, the ANP granted formal approval to Imetame for its commerciality declaration of the 3.36 sq km Cardeal Amarelo Oeste production concession retroactive to 5 May 2015. The new block was carved out of the eastern area of the BT-REC-035 contract, REC-T-210 block. The 1-IMET-001-BA is the discovery well for the production concession. As a result of the production concession carve out, the REC-T-210 block was divided into two separate blocks but a part relinquishment was also reported and the area reduced to 8.056 sq km in one block from 11.416 sq km.Â  The contract remains valid as a PAD area for the 1-IMET-009D-BA new-field wildcat.
Imetame (->100%) acquired the 30,65% working interest held by lone partner Orteng in the Cardeal Amarelo and Cardeal do Nordeste production concessions. 