Ecopetrol to acquire Hocol from Maurel & Prom

Mar 10, 2009 01:00 AM

Colombia's state oil company Ecopetrol has reached an agreement to acquire Colombian oil company Hocol from France's Maurel & Prom.
Ecopetrol will pay $ 580 mm in addition to roughly $ 168 mm of working capital for Hocol, Ecopetrol said. The initial $ 580 mm will be paid in cash, an Ecopetrol spokesperson told.

The final price includes an additional price to be determined from the value of WTI on futures markets and exploration results from the Huron well on the Niscota block.
Hocol has blocks in both Colombia's Upper Magdalena and Llanos basins. The company produced 15,000 bpd in 2008 and expects to produce 22,000 bpd this year. Most production comes from the San Francisco, Balcon, Palermo and La Hocha fields in Huila department.

The transaction also includes Hocol's 36.1 % stake in the Alto Magdalena pipeline and its 21.7 % stake in the Oleoducto de Colombia pipeline. The transaction does not include Hocol's assets in Venezuela or any other countries, the spokesperson said.
The deal must be approved by Colombia regulators.

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