Pacific Rubiales agrees $345m PNG farm-in

Digging for dinosaurs: Pacific Rubiales farms into Triceratops gas condensate structure onshore Papua New Guinea

InterOil Corporation

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Bill Lehane

 30 April 2012 13:04 GMT

Canadian player Pacific Rubiales has dished out an estimated total of $345 million for a 10% net participating interest in InterOil Corporation’s Papua New Guinea licence containing the Triceratops structure.

It makes for the second farm-in in days for the Toronto-listed company, which spent $335 million on Friday to gain a share of BPZ Resources’ Z-1 block in Peru.

Pacific Rubiales chief executive Ronald Pantin told Upstream earlier this month the company had plenty of cash on hand to pursue an acquisition programme.

Under a binding heads of agreement between the two explorers announced on Monday, Pacific Rubiales will make a series of cash payments to InterOil totalling $116 million and pay for an additional exploration carry as well as make a final resource payment.

The…

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