HAMILTON, Bermuda – Tuesday, 19th – May – 2015:
AziLat Ltd. (“AziLat” or “the Company”), the offshore South America focused exploration company, announces that on the 15th May 2015 AziBras Exploração de Petróleo e Gás Ltda (‘AziBras’), a wholly owned subsidiary of AziLat, served notice of termination of the farm-out agreement (“FOA”) dated 19th August 2014 on Chariot Brasil Petróleo e Gás Ltda. This termination is in accordance with the terms of the FOA.
Further, AziLat is pleased to announce that AziBras has opened an office in Rio de Janeiro in preparation for the expected upcoming regional licence rounds and a high level of regional business development activity.
AziLat Managing Director, Michael Stewart, commented:
“AziLat remains committed to Brazil and the wider region. We are excited by the number of high-quality investment opportunities presenting themselves across the region and look forward to growing the AziLat business
Opening an office in Rio de Janeiro is an important milestone in the development of our business in the region, reflecting our commitment to invest in the exciting upstream opportunities presenting themselves across South America. Locating a number of our experienced technical staff, alongside our existing in-country business development team, positions us to expand the business through licence rounds and acquisitions.”
|Michael Stewart||+1 441 297 8008|
|Patrick d’Ancona||+44 (0)20 7016 9570|
Notes to Editors:
AziLat Petroleum is a Seacrest Capital Group backed E&P company focused on South America.
Seacrest Capital Group is a leading energy investor specialising in the upstream segment of the oil and gas industry, leveraging its proprietary assets and relationships to build a diversified, global portfolio of regionally focussed oil and gas exploration companies. Since 2011, Seacrest Capital Group has invested in a number of successful new exploration companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America.