Pacific Stratus to Acquire Producing Assets in Colombia
Pacific Stratus Energy has signed a definitive share purchase agreement with Empresa Nacional del Petroleo, the national oil company of Chile, to acquire certain interests owned in Colombia by its wholly owned subsidiary, ENAP Sipetrol S.A. for cash consideration of US$60.2 million, subject to certain adjustments.
Sipetrol has interests in several blocks and producing oil fields in central Colombia along with working interests in two significant oil pipelines. These include a 90.6% interest in the Dindal and Rio Seco Blocks, and a 27.27% interest in the Caguan Block. The Sipetrol assets currently produce 7,200 barrels of oil equivalents per day (boe/d) (3,000 boe/d net to Pacific Stratus) of high-netback crude oil from the Guaduas and Rio Ceibas fields. The transaction, which is subject to financing and regulatory approval, is expected to close in June 2006.
Sprott Securities Inc. has been retained by Pacific Stratus as financial advisor on this transaction and related financing.
Pacific Stratus already owns interests in the
Doima block and Ortega-Pacande oil fields, as well as in the La Creciente,
Moriche and Puli-B exploration blocks in Colombia. The company is focused on
identifying acquisition opportunities primarily within the upstream Sub Andean
basins, initially in Colombia.
- ENARSA, Sipetrol Argentina YPF & Enap Begin Drilling in the Argentine Sea (Sep 23)
- Sipetrol Starts Production at PC2063 Well in San Jorge Basin (May 31)
- Sipetrol Makes Discovery at East Ras Qattara Block in Egypt (Apr 16)
Company: Pacific Stratus more info
- Petro Rubiales Completes Acquisition of Pacific Stratus (Jan 23)
- Petro Rubiales and Pacific Stratus Amend Share Exchange Ratio (Jan 15)
- Pacific Stratus Discovers Gas in La Creciente Block, Colombia (Jan 03)
Company: Enap more info
- Sea Trucks Bags Pipelay Construction Deal in Magallanes Field Off Argentina (Jul 05)
- Argentina's YPF, Chile's ENAP Agree Extra $200M for Offshore Gas Project (Nov 17)
- ENAP: Chile Eyes Use Of US Shale Gas In Early 2016 (Jul 15)