Franklin Templeton unit buying stake in Colombian pipeline from Pacific Rubiales
TORONTO - Pacific Rubiales Energy Corp. (TSX:PRE) will receive US$385 million cash for selling its five per cent interest and transportation rights in a Colombian oil pipeline.
The buyer is a consortium led by a private equity unit of Franklin Templeton.
Pacific Rubiales acquired its stake in the OCENSA pipeline when it bought Petrominerales Ltd., in a $1.6-billion deal that was announced in September and closed on Nov. 28.
Proceeds from the OCENSA deal will be applied to the Petrominerales transaction and reduce the total acquisition cost for Pacific Rubiales to about C$1.2 billion.
Separately, Pacific Rubiales announced Monday that it has received successful results from the CPE-6-IX exploration well and the CPE-6-H2 appraisal well drilled in December in Colombia's eastern Llanos Basin.
Pacific Rubiales has a 50 per cent working interest and is operator of the CPE-6 block and the other half is held by a subsidiary of Talisman Energy Inc. (TSX:TLM).
Read more Business News
- EMS called to PM's homeCanada - 2:47 pm
- Abducted boy saved by songWorld - 1:01 pm
- Medical pot for 2 yr. oldPenticton / S. Okanagan - 12:50 pm
- Dozens speak on land swapPenticton / S. Okanagan - 12:06 pm
|QHR Technologies Inc||1.22||+0.01|
|Anavex Life Sciences||0.38||-0.005|
|Copper Mountain Mining||2.33||-0.05|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||0.00|
Our ability to live beyond our years has nothing to do with medical science; we will all live longer than our physical bodies, each of us will leave behind a personal legacy made up of our deeds, our ...
With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...
How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...