Interoil Announces Farm-Out of COR-6 and Altair

Source: www.gulfoilandgas.com 3/2/2012, Location: South America

InterOil Colombia E&P Inc is pleased to announce that it has entered into a binding memorandum of understanding with Pangea Energy Corp. in respect of a 50% farm-out of the COR-6 block and a 40% farm-out of the Altair block.

InterOil Colombia E&P is currently the operator of both blocks and owns 100% and 90% of the working interest on COR-6 and the Altair blocks respectively.

Pangea Energy has agreed to cover USD 17.2 million of the total work commitment of USD 22 million in Phase 1 of the COR-6 contract.

In addition Pangea Energy will pay a signing fee of USD 3 million and cover USD 7.2 million of the remaining work commitment totalling USD 12 million on the Altair block. These farm-out agreements are subject to ANH approval.

"Pangea is a very interesting company with an innovative view for both these blocks. We welcome the possibility to work with Pangea in the future", explains Marten Rod chairman IOX.

Quinton Rafuse, President and Chief Executive Officer of Pangea Energy, stated "This farm-in represents a strategic entry into the Colombian market for Pangea. In Interoil, Pangea finds a well-established operator and two key assets blending near-term cashflow and impactful exploration potential. We are excited to work with Interoil and develop a long-term relationship."


Australia >>  1/19/2022 - Bounty Oil & Gas NL is pleased to provide a market update in relation to its various operations across its Australian assets. Bounty’s main focus in 2...
Guyana >>  1/19/2022 - Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it has purcha...

Australia >>  1/18/2022 - Woodside has completed the sale of a 49% non-operating participating interest in the Pluto Train 2 Joint Venture to Global Infrastructure Partners (GI...
Norway >>  1/18/2022 - Wellesley Petroleum AS (“Wellesley”) has been offered interests in three new production licences on the NCS, one of which is operated, through the Awa...

Norway >>  1/18/2022 - Vår Energi, a leading independent upstream oil and gas company on the Norwegian Continental Shelf (NCS), is pleased to announce the award of 10 new pr...
Norway >>  1/18/2022 - Wintershall Dea has been awarded seven exploration licenses in the annual Awards in Predefined Areas (APA) round in Norway, including four as operator...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.