Taghmen Energy acquiring Colombian producer

Taghmen Energy PLC, a London independent oil and gas company focused on Latin America, agreed to buy Petroleos del Norte SA (PDN) of Colombia for $32 million.

April 18, 2006

By OGJ editors
HOUSTON, Apr. 18 -- Taghmen Energy PLC, a London independent oil and gas company focused on Latin America, agreed to buy Petroleos del Norte SA (PDN) of Colombia for $32 million.

PDN operates three fields in the Middle Magdalena Valley, producing 977 b/d of oil (523 b/d net). It has a net 6.9 million bbl of proved and probable reserves.

The company owns and operates the 25,000 b/d, 180-km, 10-in. Rio Zulia-Ayacucho oil pipeline with current throughput of 3,680 b/d. It carried 2,000 b/d in 2005 from Ecopetrol-operated Rio Zulia and Tibu oil fields in the Catatumbo basin.

Taghmen holds interests in the Midas and La Paloma blocks near PDN's properties.