July 24, 2012 / 3:24 PM / in 5 years

Pacific Rubiales to buy stake in Colombia oil block

(Reuters) - Oil and natural gas producer Pacific Rubiales Energy Corp said it will buy a 40 percent participating interest in an onshore exploration block in Colombia for $23.5 million.

Pacific Rubiales will also pay $3.7 million to Canacol Energy Ltd to become the operator of the Portofino block, located at the north-eastern corner of the Caguan-Putumayo basin in southern Colombia.

The company will pay Petrolera Monterrico SA Sucursal Colombia for the participating interest in the block.

Reporting by Shounak Dasgupta in Bangalore; Editing by Viraj Nair

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