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Proposed Disposal of 50% of Put-8 for $ 19.1M to Occidental

Source: www.gulfoilandgas.com 6/17/2019, Location: South America

Amerisur Resources Plc (Amerisur), the oil and gas producer and explorer focused on South America (AMER), announces that it has entered into a conditional agreement (the Agreement) with Occidental Andina LLC (Occidental) to dispose of a 50% interest in the Put-8 exploration licence (Put-8) in the Putumayo region of Colombia, for a cash consideration of US$ 19.1 million (the Disposal).

On 20 March 2019, Amerisur announced that it had exercised a right of first refusal (the "ROFR") to acquire the 50% of Put-8 that it is not already interested in, and the operatorship of Put-8, from Vetra Exploraci?n y Producci?n Colombia SAS ("Vetra"). On 18 March 2019, Amerisur entered into the Agreement with Occidental which is conditional, inter alia, on the approval by the Colombian National Hydrocarbons Agency (the "ANH") of the transfer of a 50% interest from Vetra to Amerisur, pursuant to the ROFR and the subsequent application for and approval of the transfer of a 50% interest in Put-8 from Amerisur to Occidental by the ANH. The consideration for the Disposal is US$19.1 million in cash, including local taxes, which has been pre-paid by Occidental on the basis that it is refundable if the Disposal does not complete. On completion of the Disposal, taking into account the pre-payment by Occidental and the recovery of local taxes, the net effect of the completion of the ROFR and the Agreement is expected to be broadly neutral to the Company's unrestricted cash position. Amerisur will retain the operatorship of Put-8 following completion of the Disposal.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

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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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