RE:The rumour mill is starting up...Wow - makes sense - buy it up - keep the light oil production - then spin off the exploration component as a new company and get back a large chunk of the investment - perhaps even throw the current directors the exploration part as a sweetener for the deal. What do you think $8 a share?
-- Quote from the previous link.
Pacific Rubiales Energy Corp. (PRE), the the world’s fastest-growing major crude producer, said it’s looking to buy a low-density crude producer in Colombia in a bid to reduce the cost of transporting its mostly heavy oil.
The company buys gasoline on the international market and blends it with heavier oil before sending the mix to port at a “huge cost,” Chief Executive Officer Ronald Pantin said yesterday in an interview from his Bogota office.
“There are light oil companies in Colombia that it would be a no brainer to get their production,” Pantin said. “We are looking. We are not in negotiations. The moment is now but you need two to tango.”