Maurel & Prom Inks Final Agreement for Sale of Hocol Colombia
Maurel & Prom
|
Thursday, May 28, 2009
Maurel & Prom and Ecopetrol signed the definitive agreement concerning the sale of Hocol Colombia. This transaction concerns a US $742,185,000 total amount.
This purchase price may be adjusted, based on the accounting audit led by Ecopetrol. Further earn outs may occur for a maximum of US $115 million, concerning the potential Huron field on the Niscota license (maximum US $50 million) and the level of the oil price (maximum US $65 million).
Moreover, Maurel & Prom will keep four exploration licenses in Colombia, as well as its assets in Venezuela and in Peru.
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