UPDATE 3-Petrominerales Colombia shares surge on takeover by P.Rubiales
(Adds background on national oil sector, security situation)
By Peter Murphy and Nelson Bocanegra
BOGOTA, Sept 30 (Reuters) - Shares in Canadian oil company Petrominerales surged as much as 44 percent on Colombia's stock exchange on Monday after the company agreed to be taken over by Pacific Rubiales, Colombia's largest private oil producer.
Pacific Rubiales, which says it produces around 210,000 barrels of oil per day (bpd) in Colombia or about a fifth of national output, said the deal would deliver logistical savings, as well as adding to its production and exploration assets.
The C$1.6 billion ($1.55 billion) takeover, financed mainly through cash and bank loans, will bring synergies for Pacific Rubiales' Colombia operations, including a source of lighter oil to use as a diluent for its own heavier crudes, the company said in a presentation to analysts on Monday.
Petrominerales' Toronto-listed shares also rose, but by just 4 percent to C$11.70. Petrominerales produced an average 23,975 bpd in Colombia in August, it said.
Pacific Rubiales' Toronto shares fell 1.2 percent, while its Bogota-listed shares dropped 3.4 percent to 37,460 pesos.
Greater access to pipelines would also reduce its spending on more expensive road haulage to transport some of its crude, the company said, as well significantly increase its exploration and production acreage.
Colombia's oil sector has witnessed a boom in the last few years after a U.S.-backed military crackdown that vastly improved security and roughly halved the numbers of the main leftist rebel group, the FARC, to around 8,000. Continued...