PETROMINERALES STARTS DRILLING IN PERU

PETROMINERALES STARTS DRILLING IN PERU

The Latin American oil company, which has its headquarters in Colombia and also is listed in the BVC (Spanish acronym for Colombian Stock Exchange) close a deal in Peru.

The company announced the ending of the negotiations between the company Petrominerales and Veraz Petroleum Peru subsidiary of the multinational oil company Veraz Petroleum.

The agreement includes the payment of 5 million dollars in exchange of the issuance of 524.871 ordinary shares or Petrominerales. Of these shares, 314.716 shares will be distributed between the shareholders of Veraz Petroleum as compensation of the return of their capital. This transaction is expected to finish by the end of July.

With this acquisition, Petrominerales already started the operations of drilling in the well Sheshea IX located in Peru. With this acquisition, Petrominerales is expecting to gain 100 million barrels to their reserves.