Enauta (ENAT3) proposes merger with 3R Petroleum (RRRP3)

Enauta (ENAT3) proposes merger with 3R Petroleum (RRRP3)

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.”

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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.

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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%.

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