The definitive documents formalize Maha’s acquisition, being the transaction subject to the fulfillment of certain condition precedent, mainly related to:
- that all consents, authorizations, orders and approvals from relevant governmental authorities required for completion have been received;
- successful negotiation of the relevant operational and collaboration agreements/framework with
PDVSA and/ or local authorities for the redevelopment of PetroUrdaneta’s fields. Such agreements aim to allow Maha to define a new development program of PetroUrdaneta and enhance control over the operations, particularly in the areas of purchasing, cash management and crude sales/offtake.
"We remain very optimistic about our possibilities to start producing the vast resources of oil at the PetroUrdaneta fields, as we envisage a very attractive risk-reward profile for this transaction. In any case, at this stage, we are looking at a very limited investment, but could be richly rewarded if things turn out the way we believe”, says
Maha continues to closely monitor the political development in
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