December 20, 2017 / 12:20 AM / a year ago

BRIEF-Canacol Energy Sells Interest In Ecuador Oil Consortium For Cash Proceeds Of $36.4 Million

Dec 19 (Reuters) - Canacol Energy Ltd:

* SELLS INTEREST IN ECUADOR OIL CONSORTIUM FOR CASH PROCEEDS OF US$ 36.4 MILLION

* ENTERED INTO AGREEMENT WITH TECPETROLLIBERTADOR AND SERTECPET E&P IN RESPECT OF SALE OF ITS 25% INTEREST IN SERVICIOS LIBERTADOR​

* ‍PURCHASERS ARE EACH EXISTING PARTNERS IN JOINT VENTURE​

* ‍CONSIDERATION FOR SALE OF ITS NON-OPERATED 25% EQUITY PARTICIPATION IN CONTRACT CORPORATION WILL BE PAID A TOTAL OF US$ 36.4 MILLION​

* AS PART OF DEAL, CORPORATION WILL ALSO RECEIVE IMMEDIATE REIMBURSEMENT OF $ 5.5 MILLION IN RESPECT OF A CASH CALL IT RECENTLY PAID TO JV

* ‍CURRENTLY PLANNING DIVESTMENT OF ALL CO’S CONVENTIONAL OIL ASSETS IN COLOMBIA AND HOPE TO CONCLUDE A TRANSACTION IN Q2 OF 2018​ Source text for Eikon: Further company coverage:

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