Brazilian oil and gas company Enauta Participações and its compatriot player 3R Petroleum Óleo e Gás have fulfilled two additional conditions for their proposed merger.
The firms shared that their boards held extraordinary general meetings to approve the incorporation of Enauta shares by 3R Petroleum and the roll-up of the 15% interest a third company, Maha Holding , has in 3R Petroleum’s subsidiary 3R Petroleum Offshore.
As 3R Petroleum owns 85% of the share capital in 3R Petroleum Offshore, the aim was to allow 3R to own all shares issued by 3R Offshore, both directly and indirectly.
Enauta’s board of directors approved the submission of a merger proposal to the management of 3R Petroleum in early April, followed by the memorandum of understanding that the two Brazilian duo signed with Maha Energy Offshore later that month.
Afterward, the boards of directors of Enauta and 3R Petroleum approved the signing of a pair of protocols containing the terms and conditions for the proposed merger of the two companies.
After certain conditions from the protocols have been met, the two companies intend to hold another meeting, after which the final number of shares that will be delivered to Enauta’s shareholders and Maha Holding’s quota holder will be disclosed, and the closing date of the transaction will be confirmed.
Apart from the merger, Enauta has been busy carrying out maintenance work on one of its floating, production, storage, and offloading (FPSO) vessels. The firm reported that the FPSO Petrojarl I working at the Atlanta field offshore Brazil underwent five-day maintenance , after which production was restarted on May 25. Production was stopped again in mid-June to carry out adjustments related to selected equipment maintenance.