Taghmen Energy Plc, London, (London: TAG) has acquired Petroleos del Norte SA, Bogota, Colombia, for US$32 million. Petroleos operates three fields in the Middle Magdalena Valley in Colombia, which produce 977 barrels of oil per day, 523 barrels of oil per day net, and has proven and probable reserves of 6.9 million barrels. The company generated approximately US$3.08 million in 2005. Taghmen currently holds assets in the Midas and La Paloma Blocks, which are next to Petroleos' properties. Taghmen will fund the deal with two tranches, the first installment of US$19 million will give Taghmen control of the company and the second tranche of US$13 million payable on extension of the Tisquirama license. Taghment will fund this acquisition from existing cash balances and a new debt and equity raising, and the deal is expected to close at the end of the second quarter.
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