Brazilian oil and gas companies Enauta and 3R Petroleum have completed all conditions for the previously announced merger, which is set to be finalized on July 31, 2024.
The merger follows the memorandum of understanding (MoU) the companies signed in April, involving the integration of Enauta and 3R’s activities, as well as the transaction for merger of Maha Energy into 3R.
The closing of the transaction will take place on July 31st, 2024.
Under the terms of the protocol and justification, 213,623,971 of new book-entry common shares will be attributed to Enauta’s shareholders, representing 45.98% of 3R’s share capital.
Maha Holding’s sole quotaholder will be attributed a total of 10,081,840 new booky-entry common shares, with no par value, issued by 3R, representing 2.17% of 3R’s share capital.
Effectively from July 31, 2024, the Board of Directors of the joint company will be comprised as follows, André Marcelo da Silva Prado, Carlos Alberto Pereira de Oliveira, Harley Lorentz Scardoelli, Mateus Tessler Rocha, Matheus Dias de Siqueira, Ricardo de Queiroz Galvão, Rogério Paulo Calderón Peres
The remaining steps of the transaction will be implemented pursuant to the deadlines and procedures set out in the schedule and previous material facts on the matter released by the companies.
The production of the new company exceeds 100,000 barrels of oil equivalent, with 2P reserves over 700 million barrels among a highly complementary and diversified portfolio, Enauta said earlier.
Also, Enauta’s combination with 3R will offer growth opportunities in offshore and onshore operations, mitigating operational, geological and regulatory risks.
Given the two companies strategic assets, scale, and synergies, the combined company will have a competitive advantage in leading consolidation and development of new businesses across Latin America.
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