UPDATE: Pacific Rubiales Up Slightly; Signs Agreement for Interest In Triceratops and PPL237

By Midnight Trader,  April 30, 2012, 11:27:49 AM EDT

Pacific Rubiales Energy (PRE.TO) today announced that it has signed a binding Heads of Agreement with InterOil Corporation whereby Pacific Rubiales can earn a 10% net (12.9% gross) participating interest in the PPL237 Petroleum Prospecting License onshore Papua New Guinea, including the Triceratops structure located within that license.

The transaction contemplates staged initial cash payments totaling US$116 million, an additional carry of a portion of the costs of an agreed exploration work program, and a final resource payment.

PRE is fell 23 cents in early morning trade, but has since gained 7 cents to $28.75 on volumes of over 305,000.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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