Market Impact: Positive. Pacific announced that it has reached an agreement with Repsol (Talisman Colombia Oil and Gas Ltd.) to acquire the remaining 50% working interest in the CPE-6 Block in Colombia. The acquisition is expected to be accretive to cash flow and will double the Company's net reserves in the Block (19 mmbbl for a 50% WI), without and initial cash outlay. Cash payments will be made in three tranches, based on accumulated gross production thresholds of the Block.
21 Dec 2015
PACIFIC EXPLORATION & PRODUCTION (PRE) ACQUIRES REMAINING 50% WI IN THE CPE-6 BLOCK
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
PACIFIC EXPLORATION & PRODUCTION (PRE) ACQUIRES REMAINING 50% WI IN THE CPE-6 BLOCK
Pensana Plc (PRE:LON) | 21.6 0.1 1.2% | Mkt Cap: 62.4m
- Published:
21 Dec 2015 -
Author:
Darren B. Engels -
Pages:
3
Market Impact: Positive. Pacific announced that it has reached an agreement with Repsol (Talisman Colombia Oil and Gas Ltd.) to acquire the remaining 50% working interest in the CPE-6 Block in Colombia. The acquisition is expected to be accretive to cash flow and will double the Company's net reserves in the Block (19 mmbbl for a 50% WI), without and initial cash outlay. Cash payments will be made in three tranches, based on accumulated gross production thresholds of the Block.