Petro Vista Energy entered into a binding memorandum of understanding (MOU) with Canada-based Maha Energy for the sale of its all of its 37.5% undivided working interest in the exploration and production contract covering the Tartaruga offshore hydrocarbon development block in the Sergipe Alagoas Basin in Brazil.
Under the terms of the MOU, and subject to the prior approval of the Brazilian National Oil Agency (ANP), Maha agreed to pay an aggregate of CAD$2.7 million for Petro Vista's working interest.
The first tranche of the purchase price, CAD$1.4 million, will be paid upon receipt of the regulatory approvals (including the approvals from the ANP and the TSX Venture Exchange), approval of the transaction by the company's shareholders (which is proposed to happen at a special shareholders meeting on July, 2015) and completion of certain related corporate transactions by Maha.
The second tranche of CAD$1.2 million is scheduled to be paid on 31 December 2015.
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