PetroRio Acquires Interest in Frade Field in Campos Basin

Source: www.gulfoilandgas.com 10/29/2018, Location: South America

Petro Rio S.A., following best practices of corporate governance, hereby informs the execution of a Share Purchase Agreement for the acquisition of FRADE JAPAO PETROLEO LIMITADA (“FRADE JAPAO”), a limited liability company holding 18.26% working interest in the Frade Field.

The acquisition is the result of a competitive process and increases Company net production in approximately 25% of boed, as well as 150% in oil reserves. The conclusion of the acquisition is subject to certain conditions precedent as well as internal and external approvals.

The execution of this agreement reaffirms, once again, PetroRio’s strategy of growth through acquisitions of producing assets, as well as representing a diversification of its portfolio of revenue generating assets.

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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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