AziLat, Ltd. agreed on Monday to acquire full interest in OGX Petróleo e Gás S.A's two blocks off the coast of Brazil that are operated by ExxonMobil Exploração Brasil, Ltda.
AziLat is an oil and gas exploration company backed by Seacrest Capital Group.
“We are extremely pleased with this transaction,” AziLat Managing Director Michael Stewart said. “The two blocks are located in the Ceara and Potiguar basins of the Conjugate Equatorial Margin of Brazil, one of the most exciting exploration areas globally and home to a number of giant discoveries. These blocks were selected on their specific potential to contain hydrocarbon accumulations, similar to those found elsewhere on the equatorial margin. We look forward to working with ExxonMobil on progressing the work program.”
Through its local subsidiary, AziBras Exploração de Petróleo e Gás Ltda., Azilat will take over the OGX working interest in the two licenses
“This transaction follows a thorough and lengthy review of the Brazil offshore basins and a disciplined filtering of a number of opportunities,” Seacrest Capital Group Managing Partner Erik Tiller said. “The AziLat team combines expert regional knowledge with deal-making capabilities, both of which were crucial to this transaction. These blocks are highly attractive and give us the scope to apply our team’s regional and international experience of the Atlantic Margins to progress the understanding of these assets.”
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