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M & P Announces Sale of Sabanero Field to Pacific Rubiales

Source: www.gulfoilandgas.com 9/10/2013, Location: South America

Maurel & Prom has announced the sale of its 100% interest in the Sabanero Block to Meta Petroleum Corp, a 100% subsidiary of Pacific Rubiales Energy (PRE). The total consideration corresponding to Maurel & Promí share for this sale is US$104m, of which the cancelation by PRE of US$94m of debt (corresponding to M&Pís share of the previous financing by PRE of Sabanero) as well as a US$10m cash settlement for Les Etablissements Maurel & Prom.

This transaction has an effective date as of September 1, 2013 and is subject to the satisfaction of customary conditions precedent, including the approval from the Colombian ANH (Agencia Nacional de Hidrocarburos).

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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