28/03/2016 - ENEVA enters into agreements with Parnaíba Gás Natural’s (PGN) shareholders

ENEVA – in Judicial Recovery – entered into agreements with Cambuhy and OGX to transform Parnaíba Gás Natural (PGN), the largest private exploration and production (E&P) of natural gas company in the country, in its wholly owned subsidiary. The new configuration aims to position ENEVA as the only gas-to-wire independent company in the country with two distinct and complementary activities of energy generation and oil & gas E&P.

The combination ENEVA's experience in generation and PGN's in exploration and production in the oil & gas sector makes it possible to create a stronger platform, which is able to take advantage of market opportunities in both segments.

The proposed transaction, estimated in the amount of approximately R$ 1.15 billion, foresees the realization of a private capital increase, with conclusion scheduled for the third quarter of 2016. The agreements foresee that Cambuhy and OGX contribute their respective stakes in PGN in favor of ENEVA. In return, both Cambuhy and OGX will become ENEVA's shareholders.

The transaction is subject to the review and approval of shareholders and relevant bodies, as well as to the conditions precedent set out in the agreements between the parties. Until then, both companies will continue the normal course of its operations, dedicated to the management and delivery of its operational and financial commitments.

"The combination of these two great companies with their major operating and human assets will allow the development of opportunities on several fronts: better integration in the current operations, development and expansion of generation and E&P activities, confirmation of ENEVA as an increasingly relevant company in the Brazilian energy sector and the consolidation of the company with adequate capital structure for both its obligations to short and medium term, as well as its prospects for growth and expansion", informs ENEVA CEO, José Aurelio Drummond.

For PGN CEO, Pedro Zinner, the operation consolidates the E&P activity, as well as the maximization of value of the gas-to-wire model. "With the new corporate structure there is an alignment between the shareholders, allowing the operations of generation and E&P seek new growth levers", says Zinner.

ABOUT ENEVA

ENEVA is a power generation and trading company, with complementary businesses in natural gas exploration and production. The company currently has approximately 2.2 GW of gross installed capacity, which places it among the largest private power generation companies in Brazil. ENEVA also owns an interest in natural gas onshore blocks in the Parnaíba Basin.

ABOUT PARNAIBA GAS NATURAL

Parnaiba Gas Natural (PGN), the largest private operator of natural gas in Brazil, operates eight fields and 13 exploration blocks, totaling 25,000 Km², in the Parnaíba Basin, in Maranhão. In 2015, the company drilled 30 wells, leading the largest onshore exploration campaign in the country.


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