AziLat Ltd., a South America-focused oil and gas exploration company backed by Seacrest Capital Group, has entered into a transaction with OGX Petróleo e Gás SA to acquire OGX’s full interest in two blocks offshore Brazil.
The blocks are located in the Ceará and the Potiguar basins in the Equatorial Conjugate Margin offshore Brazil and are operated by ExxonMobil Exploração Brasil Ltda.
Upon completion of the transaction, the participating interests in the blocks will be as follows: In Block CE-M-603 of the Ceará Basin, AziLat will hold 50% and ExxonMobil (operator) will hold 50%. In Block POT-M-475 of the Potiguar Block, AziLat will hold 50% and ExxonMobil (operator) will hold 50%.
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).