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PetroTal Corp - oil development in Peru - Gran Tierra Resources Ltd enters a private agreement to sell 218.0 million PetroTal shares to Remus Horizons PCC Ltd at 9.94 pence per share, worth GBP21.7 million. After the sale of the 26.7% stake, which Gran Tierra says was for investment purposes, Gran Tierra will hold just a 3.4% stake in PetroTal, down from 30.2% previously, and Remus will become PetroTal's largest shareholder. "We are very appreciative of the guidance and support provided by Gran Tierra and certainly wish them success in their continued corporate growth," says PetroTal Chief Executive Officer Manuel Pablo Zuniga-Pflucker. "The Peruvian assets and start-up funding provided by Gran Tierra when PetroTal was created in late 2017, formed the nucleus for PetroTal's growth." Adds Remus Corp CEO Sath Kanagarajah: "Our deeply experienced management team looks forward to working with PetroTal and the Peruvian national authorities to support further development of PetroTal."
Current stock price: 12.50p, up 2.0% on Monday
Year-to-date change: down 58%
By Tom Waite; thomaslwaite@alliancenews.com
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