Frontera Energy Corp. has agreed to acquire the 35 percent working interest in Colombia's El Dificil block held by PCR Investments, a wholly owned subsidiary of Petroquímica Comodoro Rivadavia, for a total aggregate cash consideration of approximately $13 million.
The PCR transaction is expected to close in the second half of 2022 and is subject to customary closing conditions and approval of the transaction by the Agencia Nacional de Hidrocarburos.
The company has also acquired 100 percent of the issued and outstanding shares in Petroleos Sud Americanos, acquiring PetroSud's 65 percent working interest in El Dificil block and 100 percent interests in Entrerrios and Rio Meta blocks.
Upon completion of the transaction with PCR, Frontera will hold a 100 percent working interest in El Dificil block, which supports the company's strategy to increase gas production, lower carbon emissions and include strategically located, high-quality gas facilities.