LONDON: Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, has entered into a conditional agreement with Occidental Andina LLC to dispose of a 50% interest in the Put-8 exploration licence in the Putumayo region of Colombia, for a cash consideration of US$19.1 million. [the_ad id=”31605″]On 20 March 2019, Amerisur announced that it had exercised a right of first refusal to acquire the 50% of Put-8 that it is not already interested in, and the operatorship of Put-8, from Vetra Exploración y Producción Colombia SAS.
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 of the transfer of a 50% interest from Vetra to Amerisur, pursuant to the right of first refusal and the subsequent application for and approval of the transfer of a 50% interest in Put-8 from Amerisur to Occidental by the Colombian National Hydrocarbons Agency(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.