Aiming at Future Offshore Oil and Gas Market Projects, Maha Energy Announces Definitive Agreement to Acquire DBO Company

Maha Energy Signs Definitive Agreement for the Transfer of Shares and Acquisition of DBO. The Aim of the Transaction Is the Expansion of the Company’s Operations in the International Offshore Oil and Gas Market.

The multinational company Maha Energy has strong news for its future business portfolio. It announced the signing of a definitive agreement for the acquisition of DBO Energy and the merger of operations of both companies. DBO is a strong player in the global scenario for offshore oil and gas projects. The agreement between both opens up space for an even broader portfolio of operations in the international market.

Maha Energy Initiates Definitive Agreement for Acquisition of DBO and Merger of Companies Focused on Its Expansion in the International Offshore Oil and Gas Market

Maha Energy has been investing in a market expansion plan focused on diversifying its service portfolio in recent months.

Now, it has announced a definitive agreement with DBO Energy for the acquisition of the company’s shares and its operations in the global market.

As such, there will be a maximum issuance of 36,775,410 new shares of Maha, to be subscribed by DBO shareholders for consideration.

The agreement also includes the transfer of existing DBO shares to Maha by DBO shareholders.

Despite the definitive agreement, the conditions for the transfer of shares between the companies are still subject to discussions at Maha’s Extraordinary General Assembly. Thus, the companies expect the operation to be finalized by the end of the first half of 2023.

Founded in 2017, DBO is a private upstream oil and gas company focused on mature offshore fields in Brazil. It has attracted North Sea investors to intensively invest in Brazilian offshore oil and gas assets in recent years.

Additionally, the oil and gas company has a 15% equity stake in 3R Petroleum Offshore SA (“3R Offshore”), which operates in the production of offshore fields in Brazil through the Peroá cluster (100% operated working interest) and the Papa Terra cluster (62.5% operated working interest).

The transaction with Maha Energy for the acquisition of the company marks a strong investment in future offshore market operations.

DBO Acquisition Operation Reinforces Company’s Investments in Diversifying Its Business Portfolio in the Offshore Oil and Gas Market

The signing of a definitive agreement for the acquisition of DBO Energy by Maha Energy reinforces the company’s current positioning.

It has been seeking to diversify the portfolio of services offered in the international offshore oil and gas market.

The business combination with DBO increases Maha’s 2P net reserves by approximately 18.5 mmboe and is estimated to add around 2,000 boepd of net production in 2023.

The potential for production expansion at the Papa Terra Polo still provides Maha Energy with an even greater growth opportunity in the Brazilian oil market.

The Papa Terra Polo is a heavy oil field located in deep waters of the Campos Basin, approximately 100 km off the coast of Rio de Janeiro.

Currently, it is one of the assets with the highest potential for production expansion in the Campos Basin region.

Thus, the acquisition of DBO by Maha Energy opens up space for strong investments in the offshore oil and gas market, focusing on this and the company’s other assets.