PetroRio Closing of Brasoil Acquisition

Source: www.gulfoilandgas.com 3/20/2017, Location: South America

PetroRio, ( (BM&FBOVESPA: PRIO3), in connection with the Material Facts dated December 21, 2016, January 02, 2017, February 10, 2017, February 27, 2017 and March 07, 2017, hereby informs its shareholders and the market that the acquisition of 100% of the capital of Brasoil do Brasil Exploracao Petrolifera S.A. (Brasoil) by a subsidiary of PetroRio is concluded.

Brasoil is a holding company, with indirect stake of 10% over the rights and obligations of the Manati Field concession contract, that, in turn, currently produces 4.3 million cubic meters of natural gas per day (approximately 27 thousand barrels of oil equivalent per day), ranking as the 8th largest producing field of natural gas in Brazil(*). Additionally to the stake in the Manati Field, other relevant assets from Brasoil include the indirect stake of 100% in the concessions of the Pirapema Field gas asset currently in development and of Block FZA-M-254, both in the mouth of the Amazon River.

The closing of the Brasoil acquisition is aligned with the Company's business model and acquisition growth strategy, also representing a diversification of its portfolio of revenue generating assets.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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