23 December 2014 17:03 GMT
Andes Energia is increasing its footprint in South America with the acquisition of a majority stake in Norwegian explorer Interoil Exploration & Production.
The London-listed player is getting a 51% stake in Oslo-based Interoil through a private placement of shares worth some $4.95 million.
As a result of the move, Interoil’s board will expand from five to seven people, with Andes’ board getting to choose four positions – including that of chairman, chief executive and chief financial officer.
Interoil has a presence in both onshore Colombia and onshore Peru, while Andes is present in Colombia, Brazil, Argentina and Paraguay. In Colombia it is primarily involved in the Llanos basin.