Petro Vista clears last hurdle for sale of Brazil offshore block

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Wednesday, November 30, 2016

South America-focused Petro Vista Energy said Wednesday it has received final regulatory approval for the sale of its Brazilian subsidiary to Canada's Maha Energy.

Under terms of the deal announced in January, Maha will pay Cdn$2.54mn (US$1.89mn) for Petro Vista Energy Petróleo do Brasil (PVEB).

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Petro Vista said it was now free "to close the transaction."

PVEB holds a 37.5% working interest in the exploration and production contract for the offshore Tartaruga block in the Sergipe-Alagoas basin.

As part of the deal Maha also agreed to loan Petro Vista an unspecified sum to cover its outstanding obligations for the Tartaruga block.