Frontera accepts Parex's $525 mln offer for its Colombia oil and gas assets

BOGOTA, March 10 (Reuters) - Frontera Energy accepted a $525 million offer from Canada's Parex Resources for its Colombian exploration and production assets on Tuesday, topping a rival bid from GeoPark.

The final amount exceeds Parex's earlier February 23 offer of $500 million, and covers a portfolio of 17 exploration and production blocks in Colombia, including the Quifa fields and the Cubiro block.

• Parex said the combined portfolios will create the largest independent energy company focused on Colombia.

• GeoPark declined Monday to raise its $325 million offer. It will recover its $75 million deposit plus interest and receive a $25 million termination payment.

• The Parex offer includes a $25 million contingent payment to Frontera, one of Colombia's largest private producers.

• Parex will also assume $310 million in Frontera's outstanding 2028 unsecured bonds and $80 million under a Chevron Products Company prepay line.

• Toronto-listed Frontera said in a statement it intends to sign definitive agreements with Parex — and rescind those with GeoPark — with completion expected Tuesday.