MAY-26-2015: HARBOUR ENERGY SEEKS 2nd BIG INVESTMENTLooks like Harbour is on the move again....
The one thing I would add to the below (reported by the WSJ) is related to investment companies holding US Dollars...CGX and other Canadian publicly traded oil & gas companies look awfully cheap (FEX).
Who know BGP (or CNOOC) could have their checkbook out as we speak - since they were minority parterns in the Exxon well....
__
On the heels of announcing a $1.7 billion take-private deal for Canadian-Colombian oil company Pacific Rubiales Corp, Harbour Energy Ltd. is in advanced negotiations for a second investment that could be worth more than $1 billion, said a person with direct knowledge of the matter.
Harbour is in exclusive discussions to acquire an oil and gas company in Southeast Asia and anticipates signing a definitive agreement by the end of August, said the person.
The $1 billion value doesn’t include the target company’s debt. The identity of the company couldn’t be learned.
Harbour announced its first acquisition last week, teaming up with Mexican conglomerate Alfa S.A.B de C.V. to acquire Pacific Rubiales for 6.50 Canadian dollars (US$5.32) a share. The deal values Pacific at US$1.7 billion, not including the company’s more than US$4 billion of debt.
The deal and the planned second acquisition cap a busy 10 months for Harbour, which was launched in July as a 50-50 joint venture between Asian commodity trader Noble Group, and private-equity firm EIG Global Energy Partners. Harbour focuses on buying assets outside the U.S., where EIG believes valuations are less inflated than in the U.S. The downturn in oil and gas prices since the last summer, and the Mexican government’s plans to reform its national oil company, have created additional opportunities.