C&C set to buy Bermuda-based Ramshorn in $89m deal – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

C&C set to buy Bermuda-based Ramshorn in $89m deal

CALGARY (Reuters) - Canadian oil and gas company C&C Energia said its unit plans to buy Bermuda-based explorer Ramshorn International's Colombian oil and gas properties for $89 million.C&C, which owns a 30 percent interest in the Cachicamo block in central Llanos Basin, Colombia, plans to buy Ramshorn's 70 percent interest in the oil-rich basin.

Cachicamo is adjacent to C&C's major producing property on the Cravoviejo block. The company expects significant cost savings through the consolidation of the two blocks.

C&C expects the deal to close in late April, 2011.

The company said it has identified about five exploration prospects based on a survey conducted in 2010. C&C plans to drill at least two prospects this year and spud its first well in the second quarter.

The company also plans to raise $100 million in a bought deal to fund the acquisition, it said in a statement. The financing is expected to close by April 21.

You must be Registered or to post comment or to vote.

Published March 28, 2011 at 2:00 am (Updated March 28, 2011 at 10:14 am)

C&C set to buy Bermuda-based Ramshorn in $89m deal

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon