Interoil Sells 100% of Altair & COR-6 to Trayectoria

Source: www.gulfoilandgas.com 2/6/2013, Location: South America

Interoil Colombia (IOC) has signed an agreement with the Colombian company, Trayectoria Oil & Gas (Trayectoria) under which IOC will sell 100% of their participating interest in the Altair and COR-6 exploration licenses (Transaction).

IOC will receive a cash consideration of USD 2 million and be relived of exploration commitments of USD 26 million.

The transaction is subject to approval from local banks in Colombia, bondholders and the Colombian national hydrocarbons agency (ANH). IOC will initiate the approval process immediately and anticipates that the process with ANH will take approximately 6 months.

IOC is continuing its dialog with several parties regarding the divestment of the LLA-47 license.


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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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