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GRAN TIERRA SELLS ALL OPERATIONS IN BRAZIL TO MAHA ENERGY

Feb. 7, 2017

Sweden’s Maha Energy is betting on Brazil and has taken a major step forward by buying all the assets and operations of Gran Tierra. The value of the transaction was $ 35 million, with a $ 3.5 million down payment to be made next Thursday the 9th. The agreement also includes all debts of the Canadian company’s subsidiary.

The deal marks the exit of Gran Tierra do Brasil and intensifies the entry of Maha, who had already purchased the Tartaruga field as his first major investment in the country. The new acquisition includes 100% of the Tiê field in the Reconcavo Basin.

“Brazilian assets are not considered fundamental to Gran Tierra’s growth strategy in Colombia, and we believe that this divestment allows the company to have a significant advantage in reallocating resources to Colombia’s exploration, development and production operations,” said Gran Tierra in a note to the market, explaining the reason for leaving Brazil.

Categories: Uncategorized

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