Brava Energia: Brava receives a request for arbitration from Westlawn for Atlanta Field

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Brava Energia: Brava receives a request for arbitration from Westlawn for Atlanta Field

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Brava Energia

Brava receives a request for arbitration

from Westlawn for Atlanta Field

Maintain Rating: NEUTRAL | PO: 26.50 BRL | Price: 19.89 BRL

Westlawn requests arbitration for Atlanta Field 18 June 2026

Brava announced last night that it received a request for arbitration from Westlawn – its Equity

partner in the Atlanta field consortium – that the transaction announced by Brava

Leonardo Marcondes >>

involving Ecopetrol and the ongoing public tender offer for shares issued could trigger Research Analyst

Westlawn's right of first refusal to acquire the Brava's interest in the Atlanta Field at Merrill Lynch (Brazil) leonardo.marcondes@bofa.com

market value, in addition to other related rights it deems applicable. It should be noted

Caio Ribeiro >>

the below is based on our reading of available information and should not be mistaken Research Analyst

for legal advice. Merrill Lynch (Brazil) caio.ribeiro@bofa.com

We see as Neutral for Brava and note similarities to … NicolasResearchBarrosAnalyst>>

According to Brava and its advisors, they view the claims presented by Westlawn as Merrill Lynch (Brazil) nicolas.barros@bofa.com

having no legal basis and as not being supported by the applicable instruments.

According to our understanding of the claims, we can see similarities to the dispute

between Chevron and ExxonMobil regarding the acquisition of Hess and its Guyana

assets — where Chevron ultimately prevailed in arbitration. That said, we note that the Stock Data

JOA governing the Atlanta field could contain different provisions and interpretations Price 19.89 BRL

with respect to pre-emption or change-of-control rights.