Petro Vista acquires interest in Sergipe-Alagoas block

Canadian independent oil company Petro Vista Energy (TSX-V: PTV) has acquired a 30% net revenue interest from UP Petróleo do Brasil in a shallow water block in Brazil's Sergipe-Alagoas basin, Petro Vista said in a statement.

The SES-107D block, dubbed Tartaruga, produces roughly 250boe/d.

Petro Vista expects to increase output by working over the producing well, according to the statement. Hydrocarbons regulator ANP has approved a development plan that includes two or three additional wells in Tartaruga.

The 30% net revenue interest acquired by Petro Vista represents a 41.3% working interest.

Prior to the deal, UP Petróleo do Brasil had a 67.5% stake in the block. Federal energy company Petrobras (NYSE: PBR) owns 25% and oil group TDC do Brasil Petróleo the remaining 7.5%.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: October 9, 2008