Canacol to exit Ecuador

Ecuador

CALGARY, December 20, 2017 – Canacol has signed an agreement to divest from its Ecuador assets for USD 36.4 million.

It will sell its 25% stake in Servicios Libertador, a holding company which owns the licences for the Libertador and Atacapi mature oilfields, the E&P company said in a statement on Tuesday. The purchasers are its JV partners TecpetrolLibertador and Sertecpet E&P.

“This sale marks another important step towards shifting our focus to our high growth / high margin clean natural gas business in Colombia,” said Charle Gamba, Canacol’s president and CEO. “We are currently planning the divestment of all our conventional oil assets in Colombia and hope to conclude a transaction in the second quarter of 2018, thus completing our transformation into Colombia’s leading independent clean natural gas exploration and production company.”

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