Pacific Rubiales Energy Corporation will acquire a 40% participating interest in an onshore exploration block in southern Colombia from Petrolera Monterrico S.A. Sucursal Colombia (Petromont).
Under the transaction, Pacific Rubiales will pay $23.5m in cash to Petromont for the block located at the north-eastern corner of the Caguan-Putumayo basin.
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The company will also pay a $2.2m carry of their obligations related to an approved exploration work programme.
Pacific Rubiales has agreed to an additional carry obligation of up to $45m to fund certain production facilities and other activities for the development of the block.
In a separate agreement, Pacific Rubiales will pay Canacol $3.7m to obtain operatorship of the block following the drilling of four wells.
Pacific Rubiales CEO Ronald Pantin said, "This acquisition adds to the existing portfolio, providing future growth potential to the company."
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By GlobalDataThe 1,047 km² block is situated within the heavy oil trend that hosts the giant producing fields of Rubiales / Quifa and Castilla / Chichemene, and on trend and adjacent to the developing Capella heavy oil field.
