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Alvopetro Energy Ltd V.ALV

Alternate Symbol(s):  ALVOF

Energy Oil & Gas E&P
Alvopetro Energy Ltd. is a Canada-based company, which is engaged in the exploration for and the acquisition, development and production of hydrocarbons in Brazil. The Company is specialized in the development of Brazil’s independent onshore natural gas industry. It has interests in the Cabure and Murucututu natural gas assets, two exploration blocks (Block 182 and Block 183) and two oil fields (Bom Lugar and Mae-da-lua), in the Reconcavo basin onshore Brazil. The Cabure Field extends across four blocks in the Reconcavo Basin in the state of Bahia in Brazil, two of which are held by the Company and two of which are held by its partner. Its Murucututu natural gas project extends across Blocks 183 and 197, both held 100% by the Company. There are three existing wells at the field, including the 197(1) well, the 183(1) well, and the 183-A3 well.


TSXV:ALV - Post by User

Alvopetro Energy Ltd
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Post by ghayeson Dec 09, 2013 3:57am
765 Views
Post# 21984684

Brazillian assets acquired

Brazillian assets acquired

In addition to the $11 per share cash, Petrominerales shareholders will receive a share in a new exploration company (Exploreco) which will: 1) hold all of PMG's Brazilian exploration and development interests (held through a 75% interest in Alvopetro) plus 2) C$100 million in cash. Petrominerales plans to buy out the remaining 25% interest in Alvopetro in due course for C$10 million. We estimate a preliminary market value for “Exploreco” of C$110 million or C$1.29 per Petrominerales share.

Alvopetro entered into an agreement on December 7, 2013 with Petrominerales for it to acquire 75 percent of Alvopetro S.A. for US$36.85 million, satisfying the purchase price with the Alvorada shareholders and becoming the manager of the Brazilian assets.

Read more: https://www.digitaljournal.com/pr/1498330#ixzz2mxvo56Np

After a review of a number of alternatives, the Special Committee had determined that the best option available to the Company was to accept an offer from Petrominerales to acquire its interests in the Brazilian assets for $9.0 million

Read more: https://www.digitaljournal.com/pr/1498330#ixzz2mxw6Itun



https://www.digitaljournal.com/pr/1498330
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