Enauta presented 3R with an all-stock offer. The deal would mean 3R shareholders hold 53 percent of the company, while Enauta shareholders would hold 47 percent. This is expected to provide a "balanced, five-year high organic growth portfolio with ability to add value in an environment of consolidation and resilience to commodity pricing cycles," according to Enauta. The firm's board of directors unanimously approved the proposal, believing the new independent company could attain a strategic positioning in domestic and international capital and banking markets. The firm believes that its deal is superior to that of PetroReconcavo in terms of "strategic positioning, governance, tangible synergies and from a risk management perspective."