Apertura Energy PLC (LON:VZLA) has agreed heads of terms to acquire Brazilian oilfield services group Conterp for £25 million, alongside plans to raise up to £30 million, as it builds the operating capability needed for its push into Venezuelan oil and gas.
Conterp has more than 600 employees, owns 12 workover rigs and operates two drilling rigs. It generated unaudited revenue of £26.4 million and adjusted EBITDA of £3.9 million in the 12 months to June, while its signed forward work programme exceeds £100 million. The purchase price, on a cash-free, debt-free basis, represents 5.5 times forecast 2026 adjusted EBITDA and would be paid half in cash and half in Apertura shares.
Apertura said owning Conterp's rigs, workforce and operational systems would reduce its reliance on third parties as it seeks to acquire and develop upstream assets in Venezuela.
The company plans to raise between £10 million and £30 million alongside the transaction to fund the enlarged group's growth plans.
The proposed acquisition is a related-party transaction because Apertura chairman Scott Gilbert and chief executive Greig Gilbert together control 50.8% of Conterp.
