Canadian oil and gas company Canacol Energy Ltd. increased its stake in two exploration and production contracts in Colombia.
The Calgary-based firm said Tuesday that it’s subsidiary Carrao Energy Sucursal has acquired a full-interest in the Santa Isabel contract, after buying the final 10 per cent in the transaction.
It has also boosted its stake in the LLA 23 contract to 80 per cent, an increase of nine per cent.
Financial details of the transaction were not disclosed.
Increasing our interest in both contracts prior to drilling has the potential to yield significant value to the corporation,” said president and CEO Charle Gamba in a release.
Canacol is an international oil and gas producer with operations in Colombia, Guyana, and Brazil.
