Brief: Maha Energy Gets Rights To Acquire Venezuelan Oil Company

Keo Capital AB

20/10/2023 07:11

Oct 20(Reuters) - Maha Energy AB (publ)  MAHAa.ST :
    * SAID ON THURSDAY SIGNED EXCLUSIVITY PRIVATE INSTRUMENT
WITH
NOVONOR LATINVEST ENERGY S.À.R.L 
    * CONTRACT GRANTING MAHA EXCLUSIVE RIGHTS TO ACQUIRE 60% OF
NOVONOR’S 100% OWNED SPANISH UNIT ODEBRECHT E&P ESPAÑA SL R.L , 
    * ODEBRECHT HOLDS 40% EQUITY INTEREST OF PETROURDANETA, O&G
JV
COMPANY OPERATING IN VENEZUELA
    * TRANSACTION WILL BE SUBJECT TO CERTAIN CONDITIONS,
INCLUDING
VENEZUELAN OIL MINISTER'S PRIOR APPROVAL
    * MAHA TO PAY EUR 4.6 MLN FOR EXCLUSIVITY PERIOD OF UP TO 9
MONTHS
    * MAHA WOULD PAY ADDITIONAL EUR 4.6 MLN IN CASE IT DECIDES
TO
EXTEND EXCLUSIVITY FOR AN ADDITIONAL 12 MONTHS, OR UPON
EXECUTION OF RELEVANT DEFINITIVE DOCUMENTS
    * THEREAFTER, MAHA HAS  CALL OPTION TO ACQUIRE SHARES OR
QUOTAS
REPRESENTING 60% OF OE&P’S HOLDINGS (PRICE: EUR 1.00)
    * IN ABSENCE MATERIAL ADVERSE EFFECT AND IN EVENT OF
EXERCISE OF
MAHA’S 60% CALL OPTION, MAHA TO PAY PREMIUM OF EUR 18 MLN IN
INSTALMENTS, FROM THE 2-, 3-, 4-YEAR AFTER THE MAHA’S EXERCISE
OF CALL OPTION
    * AT ANY TIME DURING TWO YEARS FOLLOWING CLOSING, MAHA HAS 
CALL
OPTION ON REMAINING 40% OF PARTNER B – TAKING MAHA ENERGY'S
TOTAL STAKE UP TO 40% OF PETROURDANETA

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nMFN5Xgndd
 Further company coverage:  MAHAa.ST  

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