Parex Agrees 50% Stake in Ecopetrol's Magdalena Basin Assets After Frontera Approvals

Parex Resources has agreed to acquire a 50% participating stake in Ecopetrol’s Casabe and Llanito blocks in Colombia’s Magdalena Basin, featuring no upfront payment and a $250M five-year development program with $125M carry capital. This follows shareholder approval (99.95%) and Supreme Court order for its $750M Frontera E&P acquisition (US$500M cash, US$225M debt assumption, US$25M contingent), expected to close in Q2 2026. The deals expand Parex’s Colombian production—adding ~14,900 bpd currently—and reserves (3B barrels oil in place), supporting growth and WLDOIL exposure amid rising prices; shares rose 1.22% to 20.81.