Following its announcement on Feb 20, Gran Tierra Energy reports that it has entered into sale agreements with Vetra Energía to purchase all of the issued and outstanding shares of Vetra's wholly owned subsidiary, Vetra Southeast, Vetra E&P's 50% working interest in the Putumayo-8 block ('PUT-8'), Vetra E&P's 100% working interest in the Llanos-5 Block ('LLA-5'), and Vetra E&P's entire interest in the Suroriente Block, in exchange for aggregate cash consideration of $104.2 million.
The closing of the Transactions is subject to the satisfaction or waiver of customary conditions, including compliance by each party in all material respects with certain of its covenants. The Transactions related to Vetra Southeast, Suroriente and LLA-5 are expected to close on or before March 11, 2019, following the provision of notice to the Superintendence of Industry and Commerce of the Republic of Colombia, with the Transaction related to Suroriente closing immediately following the Transactions related to Vetra Southeast. The Transaction related to PUT-8 is subject to a right of first refusal.
Click here for previous announcement: Gran Tierra Energy acquires strategic assets in Putumayo and Llanos Basins
Source: Gran Tierra Energy