From Thursday any producing wells in the Rubiales and Piriri blocks will revert to the state player after the pair agreed in March not to extend contracts for the two blocks.
Pacific E&P, of which Pacific Rubiales was a precursor, has been cash strapped for some time, but earlier this month closed a US$500 million debtor-in-possession financing with its lenders and private equity player Catalyst Group in a deal that moves it closer to reducing debt.
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