Frontera Energy to Acquire Petroleos Sud Americanos.
MANews-(C)2009-2021
Canada-based oil and natural gas company Frontera Energy Corp. (TSX: FEC) has entered into an agreement to acquire 100% of the issued and outstanding shares in Petroleos Sud Americanos S.A. with operations in Colombia in El Dificil (a 65% working interest), Entrerrios and Rio Meta Blocks, the company said.
Under the terms of the agreement, Frontera will acquire PetroSud for a total aggregate cash consideration of approximately USD 9m plus the assumption of approximately USD 18m in debt.
The transaction is expected to close by December 30, 2021, subject to meeting certain closing conditions.
El Dificil and VIM-46 blocks are located in an emerging core area close to the company's interests in La Creciente, VIM-22 and VIM-1 blocks.
The Entrerrios and Rio Meta blocks are centrally located near the company's Cravoviejo, Cachicamo and Casimena producing assets.
On December 16, 2021, Frontera was preliminarily appointed as the successful bidder to acquire interests in the VIM-46 block pursuant to the 2021 Colombia Bid Round.
Confirmation of the award by the Agencia Nacional de Hidrocarburos and execution of the relevant exploration and production contract is expected to take place shortly.
VIM-46 block is located in close proximity to a number of existing Frontera assets including the La Creciente block, the VIM-22 block, the VIM-1 block and the newly acquired El Dificil block. Frontera anticipates completing further exploration in this emerging core area.
On December 7, 2021, Frontera spud the Jandaya-1 exploration well on the Perico block (Frontera 50% W.I. and operator, GeoPark Ltd. 50% W.I.).
The Jandaya-1 well is expected to reach a total depth of 10,970 feet (3,344 metres) in January 2022 and is targeting light oil in the Main and Upper Hollin and T Sandstone formations.
The joint venture targets spudding the Tui-1 exploration well on the Perico block once operations are complete at the Jandaya-1 well.
The Perico and Espejo blocks are located near...
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