The oil company Enauta (ENAT3) proposed a business combination with 3R (RRRP3), according to the relevant fact published last (first) Monday evening.
In a letter accompanying the statement, Enota proposes to retain 47% of the combined company and 3R shareholders 53%.
According to Enota, the union will achieve a potential production of more than 100,000 barrels of oil equivalent “with the opportunity for compound growth over the next five years, and operating reserves of more than 770 million barrels.”
Master class
Promising stocks on the stock exchange
Download our list of 10 small-cap stocks that, in expert opinion, have upside potential in the coming months and years, and watch a free lesson
In light of this proposal, the 3R Board of Directors has decided to temporarily suspend internal efforts for a potential business combination between the Company and PetroReconcavo (RECV3), and further direct the Board of Directors to direct efforts to evaluate the business combination with Enauta in a period of up to 30 calendar days.
3R and PetroRecôncavo: Will a land giant come? The strong potential of the stock even if the process doesn't work out
Oil combination: ENAT3 and RRRP3
In January, the Swedish company Maha Energy, which now owns 5% of 3R Petroleum, proposed in a letter to the Brazilian oil company's board of directors that the onshore operations (onshore fields) be separated into Petroreconcavo.
Continues after ad
At that time, both assets – RECV3 and RRRP3 – soared. 3R Petroleum shares rose 7.62%, while PetroReconcavo shares jumped 11.7%, but in the best moments of the session, the shares rose respectively by 16.85% and 17.68%.
