Calgary-based private oil company Prospero Hydrocarbons will increase its stake in UK-based Black Rock Oil's (LSE: BLR) interest in the Las Quinchas association contract in Colombia's Middle Magdalena valley, Black Rock said in a statement.
Black Rock farmed into the contract in 2005 and obtained a 50% interest from block operator Kappa Resources.
Black subsequently transferred its interest in Las Quinchas into a wholly owned, Barbados-based subsidiary called Las Quinchas Resource.
Prospero has subscribed for 425,298 shares of common stock in Las Quinchas Resource for US$347,182, representing 0.83% of the issued share capital of the holding company.
Prospero has agreed to invest a further US$3,652,818 for shares representing up to 49% of the holding company, according to the statement.
The funds will be used for the continued development of Las Quinchas, including the Acacia Este field.
The Acacia Este 1 well was drilled in August 2007 and tested at 101b/d of 16 degree API oil. Acacia Este 2 was spudded in December last year, where tests are being performed.
Prospero's management will assist in technical evaluations and a Prospero nominee will join the board of Las Quinchas Resource.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 3, 2008
Hershey to keep up 20% growth
-
Having lost the battle for Cadbury's to Kraft Foods, Hershey took a deep
breath and faced up to the future, alone. However, in Brazil, it boasts the
joint ...
14 years ago
No comments:
Post a Comment