Petro-Victory to transfer certain Potiguar Basin assets to ATE

Petro-Victory Energy has signed a definitive relation statement with Azevedo & Travassos Energia (ATE) to transportation definite assets successful Brazil’s Potiguar Basin.

Under the agreement, these assets volition beryllium moved to a caller subsidiary that volition beryllium integrated into ATE, which operates arsenic a publically listed lipid and state institution successful Brazil.

In return, Petro-Victory volition get 10.25% of ATE’s issued and outstanding stock superior pursuing the archetypal closing.

The assets progressive successful the woody see the Andorinha tract concession and six exploration blocks successful the Potiguar Basin, namely POT-T-566, POT-T-304, POT-T-327, POT-T-352, POT-T-436, and POT-T-474.

The transaction besides covers an enactment to get a 50% involvement successful definite lipid and state properties presently taxable to a abstracted acquisition process with Brava Energia, arsenic antecedently disclosed past month.

The combined implied worth for the transaction is estimated astatine astir $5.6m, based connected existent marketplace valuations and overseas speech rates. It incorporates some the just marketplace worth of the equity involvement and the presumption oregon colony of definite liabilities and contractual obligations by ATE.

The transaction volition proceed successful stages. Petro-Victory volition spot the identified assets successful a caller subsidiary astatine archetypal closing, aft which it volition person its equity involvement successful ATE.

Legal transportation of concession rights volition travel arsenic applicable regulatory and firm approvals are obtained from authorities including Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) and, if required, the TSX Venture Exchange successful Canada.

The companies people completion by the 2nd 4th of 2026, pending each required approvals. Petro-Victory volition support ownership of different assets not included successful the transaction.

These comprise its afloat involvement successful the São João tract operated with Eneva and concern interests with BlueOak Investments successful Capixaba Energia. The institution besides holds accumulation concessions for the Alto Alegre and Trapiá fields, arsenic good arsenic afloat power implicit 28 different exploration blocks wrong the Potiguar Basin.

Earlier this month, Petro-Victory commenced drilling operations astatine the SJ-12 good successful the São João Field, located successful the Barreirinhas Basin, Maranhão, Brazil.

"Petro-Victory to transportation definite Potiguar Basin assets to ATE" was primitively created and published by Offshore Technology, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.