Pacific Rubiales to buy Petrominerales in $1.6B deal

|By:, SA News Editor

Pacific Rubiales Energy (PEGFF.PK) agrees to acquire Colombian oil producer and explorer Petrominerales (PMGLF.PK) in a deal totaling $1.6B, including the assumption of ~$640M in net debt.

The transaction includes 18 exploration and development properties in Colombia and four blocks in Peru, covering a total of nearly 40K gross sq. km and producing ~19M bbl/day of net oil in H1 2013.