Brava Energia, formerly 3R Petroleum before the merger with Enauta, has entered into exclusivity agreement with Azevedo e Travassos (A&T) and Petro-Victory Energy (PVE) for the potential sale of oil and gas concessions in the state of Rio Grande do Norte, offshore Brazil.
The agreement provides for an exclusive period of 30 days for negotiation of the final documents, according to Brava Energia.
The scope of the possible transaction comprises 11 oil and gas concessions located in the Potiguar Basin, which recorded an average daily production of approximately 250 barrels of oil equivalent in the period between January and November 2024.
In regards to the potential transaction, Brava Energia’s Board of Directors recommended the hiring of a financial advisor to support the company in evaluating potential partnership transactions or asset sales.
“The analysis of potential transactions and the hiring of a financial advisor to support the process is a result of Brava's strategic plan review following the incorporation of Enauta by the company and aims to evaluate opportunities for portfolio optimization and maximize shareholder returns,” Brava Energia said.