Amerisur Resources to divest 50% stake in Put-8 exploration licence

Amerisur Resources has signed a conditional agreement with Occidental Andina to divest its 50% stake in the Put-8 exploration licence in the Putumayo region of Colombia.

The $19.1m deal is expected to be paid in cash, including local taxes, which has been pre-paid by Occidental on the terms that it is refundable in case the divestment is not completed.

In March, the company announced that it had exercised a right of first refusal (ROFR) to purchase the 50% interest of Put-8 that it does not own from Vetra Exploración y Producción Colombia.

On 18 March, Amerisur Resources signed a conditional agreement with Occidental. This agreement is based on the approval by the Colombian National Hydrocarbons Agency (ANH) for the transfer of 50% interest from Vetra to Amerisur, following the ROFR and the subsequent application for transferring 50% interest in Put-8 from Amerisur to Occidental by the ANH.

Upon the completion of the divestment, considering the pre-payment made by Occidental and the recovery of local taxes, the agreement is expected to be broadly neutral to Amerisur’s unrestricted cash position.

Also known as Putumayo-8, the exploration area lies adjacent to the west of the Platanillo field.

Following the completion of the divestment, Amerisur will remain the operator of Put-8.

Based in the UK, Amerisur is an oil and gas company focused on South America, with assets in Colombia and Paraguay.