Maha Energy AB announces notification from the Brazil National Oil Agency of clearance to close acquisition of the Operator of the Tartaruga field in Brazil.
Thursday 1 December 2016
Maha is pleased to announce that the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis ("ANP") has provided confirmation that no additional approvals are required from ANP for Maha to proceed with the previously announced acquisition of 100% of UP Petróleo Brasil Ltda. ("UPP") from TDC Engineering Inc. (the "UPP Acquisition"). The Company will now proceed with closing under the relevant Quota Purchase Agreements of the UPP Acquisition and the previously announced acquisition of 100% of Petro Vista Energy Petróleo do Brasil Ltda. (collectively the "Acquisitions").
In anticipation of these closings the Company has been planning for a workover of the SES 107 well on the Tartaruga field. Upon closing of the Acquisitions and subject to rig and equipment availability the Company will commence field operations and the workover.
Jonas Lindvall, CEO of Maha Energy commented:
"We are very pleased to have received this notification from ANP which allows for the closing of the highly anticipated acquisition of the operated working interest in the Tartaruga Field in Brazil. This asset marks a major milestone for us and provides a great foothold in Brazil. The Tartaruga field is currently producing approximately (gross) 230 bbls/d and we believe the planned workover of the previously producing SES 107 well has the ability to greatly increase the field production."