Cigo: New extension of protection (5W License).

The Office of Foreign Assets Control ("OFAC") of the United States Treasury Department issued on 4 May 2026 General License No. 5W ("GL 5W") under the Regulations of Sanctions to Venezuela ("VSR"). This instrument replaces and completely rescues General License No. 5V, issued on March 19, 2026.

What's the license looking for?

The GL 5W acts as a temporary protection mechanism for the assets of Cigo Petroleum Corp., by repostponing the execution of its actions as a guarantee. Therefore, the issue of this license seeks:

• Maintain the capacity of holders of PDVSA 2020 bonds to implement guarantees until 19 June 2026.
• Ratify that, to date, there is no effective authorization under Executive Order 13835 to make transactions related to the sale of Cigo shares.
• Provide an additional time window for possible restructuring or dispute resolution agreements in US courts, avoiding the immediate seizure of assets by creditors.

Scope and limitations

This licence does not authorize any other transaction or activity which is prohibited by the Regulations of Sanctions on Venezuela, or by any other provision of Title 31, Chapter V of the Code of Federal Regulations ("CFR").

It should be taken into account that:

• The measure ratifies the policy of OFAC to manage the process of liquidation of state assets on U.S. territory.
• This License imposes a pause of just a month and a half, which suggests a constant observance of the development of disputes in federal courts.