Latest news with #AzevedoTravassos
Globe and Mail
4 days ago
- Business
- Globe and Mail
Petro-Victory Energy provides update on the conclusion of drilling the AND-5 well in the 100% owned Andorinha field, onshore, Brasil
DALLAS, July 9, 2025 /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or the "Company") is pleased to announce that the drilling operations for the AND-5 well, in partnership with Azevedo & Travassos Energia ("ATE"), located in the Andorinha Field, Potiguar Basin, Rio Grande do Norte, were successfully concluded.
Yahoo
6 days ago
- Business
- Yahoo
Petro-Victory and ATE to merge for growth and asset diversification
Petro-Victory Energy has signed a binding memorandum of understanding with a publicly traded Brazilian energy company, Azevedo & Travassos Energia (ATE). It will be acquired by ATE, forming a consolidated entity. The merger is aimed at increasing shareholder value through strategic growth and asset diversification. ATE will undertake a capital increase through a private placement of 205.48 million units at 0.73 reais ($0.134) per unit, amounting to 150m reais ($27m). The capital increase is a precursor to ATE's acquisition of Petro-Victory, which will see the latter's shareholders become part of ATE. Certain Petro-Victory shareholders will then convert their claims into new common shares. ATE will acquire 100% of Petro-Victory's issued and outstanding shares, issuing 266 million ATE shares to Petro-Victory's shareholders at 0.73 reais per share. Shareholders will receive a 10% gross overriding royalty on new production from existing and future fields, excluding certain reservoirs partnered with Eneva. ATE will also assume Petro-Victory's outstanding debt, with the transaction's enterprise value estimated at $39.5m, inclusive of net debt and before any valuation for contingent payments. The share consideration offers a premium to Petro-Victory's shareholders based on the closing price as of 2 July 2025. The transaction is subject to customary conditions, including the completion of the capital increase by 12 July 2025 with a possible thirty-day extension, and the negotiation of a definitive agreement within 120 days post-capital increase. The agreement will necessitate corporate and governmental approvals, third-party consents and comprehensive audits by both parties. Both companies will conduct due diligence and expect to negotiate and sign a definitive agreement within 120 days of the capital increase. The transaction, classified as a reviewable disposition by TSXV standards, requires approval from Petro-Victory's shareholders and the TSXV. If completed, Petro-Victory will apply to delist from the TSXV as it will no longer meet the listing requirements post-acquisition. In April 2025, Petro-Victory Energy completed the acquisition of Capixaba Energia in partnership with BlueOak Investments, strengthening its position in Brazil's onshore energy sector. "Petro-Victory and ATE to merge for growth and asset diversification" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
