Pacific Rubiales eyes PNG Triceratops structure

Pacific Rubiales Energy Corp., Toronto-based Colombian oil and gas operator, will take a farmout from InterOil Corp. to explore and further appraise the Triceratops structure on PPL 237 onshore Papua New Guinea. Pacific Rubiales signed a binding agreement under which it would spend as much as $345 million to acquire a 10% net participating interest in PPL 237 and appraise the Triceratops structure. The farmout consists of separate transactions. First, Pacific Rubiales will acquire a 10% interest in the 290 sq km block with a $36 million down payment and funding 35% of total expenditures associated with the license's exploration work program. The work program consists of 250 line-km of 2D ...

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