Description of Activities

Description of transaction: The proposed transaction involves acquisition by Total Energies EP Namibia BV and Petrobras Netherlands BV of participating interest in Petroleum Exploration License Number (PEL) 104 from Maravilla Oil & Gas Pty Ltd and Eight Offshore Investment Holdings. 

Acquiring group: The first primary acquiring undertaking is TotalEnergies EP Namibia BV ("TEEPN"), incorporated in terms of the laws of the Netherlands and registered as a branch in Namibia. TEEPN is involved in the upstream business of exploration of crude oil and gas in Namibia and holds participating interests in PEL 56, PEL 83, and PEL 91. Additionally, it is present in the downstream marketing and distribution of petroleum products, operating a retail network of service stations and operating two secondary petroleum product storage depots. 

The second primary acquiring undertaking is Petrobras Netherlands BV ("Petrobras"), incorporated in terms of the laws of the Netherlands. Petrobras is involved in the upstream business of exploration of crude oil and gas. However, Petrobras has no business activities in Namibia. 

Target undertaking: The primary target undertaking is the participation interest in 104 issued by the Petroleum Commissioner of Namibia. Maravilla Oil & Gas Pty Ltd, Eight Offshore Investment Holdings, and National Petroleum Corporation of Namibia (NAMCOR), currently together, hold the participation interests issued thereunder in PEL 104. 

Relevant market: Defined as the market for the exploration of crude oil and natural gas in Namibia.

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