Energía

Canacol sells Ecuador oil stake, sharpens Colombia gas focus

20/12/2017 BN Americas - Michael Place

Photo: El Universal

Photo: El Universal

Canada's Canacol announced the sale of a 25% stake in Ecuadoran oil consortium Pardaliservices for US$36.4mn as it turns its focus to gas operations in Colombia.

The agreement with existing partners TecpetrolLibertador and Sertecpet E&P stipulates an initial payment of US$30.4mn in January, with the remaining US$6mn to change hands in July 2019, Canacol said in a statement.

In addition, Canacol said it would receive an immediate reimbursement of US$5.58mn related to a cash call it recently paid to the joint venture.

Pardaliservices, led by Servicios Libertador, operates a 15-year incremental production contract for the Libertador and Atacapi mature fields in northern Ecuador.

The transaction is subject to certain conditions and the approval of Ecuador's state oil company Petroamazonas EP.

Calgary-based Canacol said the sale would allow the company to focus on its core natural gas businesses in Colombia and operations in Mexico.

"Funds from this transaction will be used to execute our gas focused exploration and development projects as we move toward our goal of exiting 2018 with 230Mf3/d [6.5Mm3/d] of gas sales, making us the largest supplier of gas to the Caribbean coast of Colombia," Canacol Charle Gamba said.

He added that the company plans to conclude the sale of all conventional oil assets in Colombia by mid-2018.

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