* To acquire 20 pct interest in 3 blocks
* Blocks operated by unit of ConocoPhillips
Sept 20 Canada's Gran Tierra Energy (GTE.TO)
agreed to acquire a 20 percent working interest in three
exploration blocks operated by a unit of ConocoPhillips (COP.N)
in Peru, to further expand its presence in the South American
Under the deal, Gran Tierra, an oil and gas explorer, will
get working interest in blocks 123, 124 and 129, located in the
Maranon Basin. The blocks consist of about 6.7 million gross
acres and are located near two blocks operated by Gran Tierra.
The company said it has entered into an agreement with
Burlington Resources Peru Ltd, Sucursal Peruana, a wholly-owned
unit of U.S.-based ConocoPhillips, for the deal.
The transaction is subject to Peru's petroleum agency
PeruPetro S.A. and Peruvian government approvals, which are
expected to take about four to six months, Gran Tierra said.
In late August, Gran Tierra said it will pay $22.6 million
to Brazil's Alvorada Petroleo to get a majority working
interest in the on-shore Reconcavo Basin. [ID:nSGE67T0FJ]
Shares of the Calgary, Alberta-based company, which have
gained over 6 percent since its Brazilian deal, closed at
C$7.01 Friday on the Toronto Stock Exchange.
(Reporting by Ashutosh Joshi in Bangalore; Editing by Maju