Canacol Sees Opportunity in Colombia Listing

Canada-based oil company Canacol Energy, which plans to list its shares in Bogota in the next few weeks, hopes to become Colombia’s next oil play, following in the footsteps of Pacific Rubiales, vice president Kevin Flick tells LatinFinance. “Retail investors are investing in Pacific Rubiales and looking for the next oil play in Colombia. There is a lot of opportunity for us to ride the paved road,” he says. Canacol is working with Citi, the same bank that advised Pacific Rubiales on a listing. Looking beyond Bogota, Flick is enthusiastic about the integration of Colombia’s stock exchange with those in Lima and Santiago, which some say could happen by the end of the year. Flick says the integration would provide access to larger liquidity pools and lower financing costs. Canacol trades on the TSX Venture Exchange. It has a market cap of CAD366m and 333.3m shares outstanding.