Oil and gas company offered €21m for assets

CANADIAN mining company, Petrominerales has made a £19 million (€21m) offer for the South American assets of Irish oil and gas exploration company, Pan Andean.

The deal is subject to approval from the British high court and current shareholders of Pan Andean – who will vote on the matter sometime next month – but should be completed by the end of February.

In essence, Petrominerales is offering the Irish AIM-listed company’s shareholders 15p per share to take control of Pan Andean’s assets in Peru and Colombia. Pan Andean is the sixth largest licence holder in Peru, at present and it has six drilling locations in Colombia, within its Antorcha licence.