Category

Pacific believes the affected common shares will be listed on the Toronto Stock Exchange on November 3

This represents at least the second unexpected delay this month for Pacific Exploration in finalizing its restructuring plan.

A subsidiary of the company has partnered with a Chinese entity that has secured a $200 million USD letter of intent to finance the project.

Interestingly, this loan — for 990 billion Colombian pesos — wasn't due until February 2024.

Pacific Exploration said its arrangement with Catalyst will close on October 12, "assuming satisfaction or waiver of the remaining conditions."

Pacific Exploration is selling its 35% stake in the Karoon Blocks in Brazil to Karoon Gas Australia Ltd. for at least $15.5 million.

Pacific Exploration expects to implement its restructuring plan, allowing it to come out of creditor protection, during the week of October 3.

"Ecopetrol expresses its strong opposition to the protests that have been introduced to El Doncello, Caquetá," said the oil giant.

The public share offering will be held on this week on September 14 prior to the start of common stock trading in the Colombian stock exchange.

The Warrior well is located within an area called Green Canyon that is operated by Anadarko Petroleum Corporation. Ecopetrol America controls nearly 20% of that block.