At the request of Alfa S.A and Harbour Energy Ltd, Pacific Rubiales Energy Corp. has agreed to terminate the arrangement agreement which was entered into by Harbour Energy, L.P., Harbour Energy, Alfa and 1035815 B.C. Ltd on 20 May 2015. The Canadian oil company, Pacific Rubiales Energy Corp., will no longer be sold to Alpha S.A and Harbour Energy Ltd.
Alfa and Harbour Energy jointly offered CAN$6.50 per share, which was accepted by Pacific Rubiales Energy Corp. An Independent Committee of the Board of Directors was created to provide an independent analysis and recommendation to the Board of Directors.
The arrangement agreement will terminate with immediate effect and no further material obligations by Pacific Rubiales Energy Corp. to Alfa and Harbour Energy, including any termination or expense reimbursement. Moreover a Special Meeting of Shareholders, which was called to allow Shareholders to consider the arrangement, has been cancelled.
Pacific Rubiales Energy Corp. will continue its plans to reduce operating costs, divest non-core assets, reduce debt, and pursue Mexico energy opportunities with Alfa.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/09072015/alfa-and-harbour-energy-drop-pacific-rubiales-offer-/