Shares of Harvest Natural Resources (HNR) soar after it says its wholly-owned subsidiary, HNR Energia, has signed a $725M Share Purchase Agreement with PT Pertamina, or Persero, the national oil company of Indonesia, to sell all of the Company's interests in Venezuela in an all-cash transaction.
Harvest Natural Resources Inc. (HNR) agreed to sell its Venezuela assets to PT Pertamina, Indonesia’s state-owned oil company, for $725 million in cash. Its shares surged 86 percent.
Harvest Natural will sell its 32 percent stake in Petrodelta SA, a joint venture with Petroleos de Venezuela SA, the Houston-based company said in a statement today. Petrodelta’s six fields hold gross proved reserves of 195 million barrels of oil and 235 billion cubic feet of gas, according to Harvest Natural’s website.
Harvest Natural has had trouble getting regular payments from PDVSA, as its Caracas-based venture partner is known, and its assets in the South American country are undervalued because of political risk, John Malone, a senior analyst at Global Hunter Securities LLC in New York, said on March 6.
The sale agreement was announced after the close of regular trading in New York. Harvest Natural rose to $9.09 at 5:26 p.m. Shares +84% AH.
Harvest Natural Resources Inc. (HNR) agreed to sell its Venezuela assets to PT Pertamina, Indonesia’s state-owned oil company, for $725 million in cash. Its shares surged 86 percent.
Harvest Natural will sell its 32 percent stake in Petrodelta SA, a joint venture with Petroleos de Venezuela SA, the Houston-based company said in a statement today. Petrodelta’s six fields hold gross proved reserves of 195 million barrels of oil and 235 billion cubic feet of gas, according to Harvest Natural’s website.
Harvest Natural has had trouble getting regular payments from PDVSA, as its Caracas-based venture partner is known, and its assets in the South American country are undervalued because of political risk, John Malone, a senior analyst at Global Hunter Securities LLC in New York, said on March 6.
The sale agreement was announced after the close of regular trading in New York. Harvest Natural rose to $9.09 at 5:26 p.m. Shares +84% AH.
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