Colombia’s National Hydrocarbons Agency (ANH) has approved the acquisition transaction plan previously announced for M&P’s acquisition of a total 61% working interest and operatorship in the Sinu-9 gas licence in Colombia. As a result, the regulatory approval condition relating to the ANH has now been satisfied.
The parties will soon proceed towards closing by completing the remaining customary closing conditions. Taking into account the advance payments already made by M&P and adjustments to the payment terms, the total outstanding consideration amounts to $185 million. Of this amount, $78 million will be paid at closing, with the balance payable in instalments during 2026.
Sinu-9 started production in November 2024 as part of the ongoing long-term test of the Magico-1X and Brujo-1X wells. Gross production capacity has been around 21 mmcfd since July, following the commissioning of the main plant. Evacuation infrastructure is in place today for gross production of 30 mmcfd, which will be increased to 40 mmcfd by Q2 2026. The start of the six-well exploration campaign is scheduled for mid-January 2026.
