May 28 (Reuters) - Oil producer Pacific Rubiales Energy Corp will raise its stake in CGX Energy Inc to 35 percent by paying C$30 million, as it looks to enter offshore oil plays in Guyana, which is devising policies to reduce dependence on oil imports.
Pacific Rubiales owns 58.7 million, or about 18 percent, of CGX shares, according to Thomson Reuters data.
CGX started drilling off Guyana’s coast for the first time in a decade after the South American nation invited Spanish oil company Repsol and CGX to explore for oil.
Pacific Rubiales will buy 85.7 million units, which will consist of one common CGX share and half of one common share warrant, for 35 Canadian cents a share.
Each warrant will entitle Pacific Rubiales to buy one additional common share of CGX at an exercise price of 60 Canadian cents per share, within an 18 month period following issuance of the units.