Petroamerica, keen to broaden its stake in the Andean country, will pick up Suroco's stake in four blocks in the prolific Putumayo Basin, which cover 224,000 gross acres.
The Petroamerica offer of C$0.573 per Suroco share was a 36.4% premium over the company's 22 April stock closing price. Word of the deal sent Suroco shares up over 16% on Monday afternoon.
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