AziLat Ltd. announced that it has entered into a transaction with OGX Petróleo e Gás S.A., to acquire OGX’s full interest in two blocks, offshore Brazil.
The blocks are located in the Ceará basin and the Potiguar basin in the equatorial conjugate margin offshore Brazil and are operated by ExxonMobil Exploração Brasil Ltda.
Under the terms of the transaction, AziLat, through its local subsidiary AziBras Exploração de Petróleo e Gás Ltda. will assume the OGX working interest in the two licenses following the approval of the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis – ANP.
Petroleum Geo Services is shooting a 1100sq km 3D seismic survey on block CE-M-603, already underway, and a 1000sq km 3D survey in block POT-M-475 is expected to commence in 1Q 2016.
“These blocks were selected on their specific potential to contain hydrocarbon accumulations, similar to those found elsewhere on the equatorial margin,” said Michael Stewart, AziLat managing director.
Upon completion of the transaction, AziLat Ltd will hold 50% participating interest (PI) in block CE-M-603 in the Ceará basin, and 65% PI in block POT-M-475 in the Potiguar basin, with ExxonMobil holding the remainder as operator.
Image: Assets/AziLat Petroleum
Subscribe
