The Company will own 42.5 % of CM and 57.5% of EdM subsequent to the closing of the transaction.
This acquisition will:
The Company has received positive feedback from discussions held with its Brazilian banks with regards to financing the acquisition and its development costs.
The seller is Queiroz Galvao Perfuracao SA.
Naftex, currently, is the indirect owner of all of the shares in Coplex Brasil. Coplex Brasil participates with a 27.5% interest in three operating licenses offshore the Santo Catarina Coast in Southern Brazil, identified as the coral, Estrela-do-Mar and BS-3 (on the Cavalo Marinho field) licenses. The partners in all three licenses are Starfish Oil & Gas (with 7.5% participating interest), Queiroz Galvao Perfuracoes S.A. (30% interest) and Petrobras (35% interest). Petrobras is the operator of all three licenses.
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