Seacrest Capital Group’s portfolio company AziLat has entered a deal to acquire OGX Petróleo e Gás’s full interest in two blocks offshore Brazil.

Located in the Ceará Basin and Potiguar Basin in the Equatorial Conjugate Margin, the block CE-M-603 and block POT-M-475 are operated by ExxonMobil.

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Upon completion of the transaction, AziLat and ExxonMobil will equally own block CE-M-603.

"These blocks were selected on their specific potential to contain hydrocarbon accumulations, similar to those found elsewhere on the equatorial margin."

Block POT-M-475 will be 65% owned by AziLat, with ExxonMobil having 35% as operator.

Under the deal, through its local subsidiary AziBras Exploração, AziLat will assume the working interest of OGX in the two licences.

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Petroleum Geo Services is carrying out a 1,100km² 3D seismic survey on block CE-M-603.

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A 1,000km² 3D survey in block POT-M-475 is expected to begin in the first quarter of 2016.

AziLat managing director Michael Stewart said: "The two blocks are located in the Ceara and Potiguar basins of the Conjugate Equatorial Margin of Brazil, one of the most exciting exploration areas globally and home to a number of giant discoveries.

"These blocks were selected on their specific potential to contain hydrocarbon accumulations, similar to those found elsewhere on the equatorial margin."

Seacrest Capital Group managing partner Erik Tiller said: "This transaction follows a thorough and lengthy review of the Brazil offshore basins and a disciplined filtering of a number of opportunities."