Despite its recent successful acquisition of fellow Colombian oil E&P company Petrominerales, Pacific Rubiales (PEGFF) continues to see its shares slide. Since I last wrote on Pacific Rubiales in August 2013 its share price has plunged 34% to now be trading at around $15 per share.
Much of this can be attributed to market speculation over how the loss of its share in the Piri-Rubiales field will affect the company's performance. With the company now trading well below its net asset value there is growing speculation in Colombia that it is now a potential takeover target.
In late 2013 respected Colombian periodical La Semana published an article suggesting that Pacific Rubiales would be a natural fit for integrated Spanish oil...
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