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A Cardiff-based oil exploration and production is to be acquired in deal for more than £240m.

Amerisur Resources, an independent oil exploration and production company focused onshore Colombia, has reached an agreement on the terms of a recommended cash acquisition with GeoPark.

Each Amerisur Shareholder will be entitled to receive 19.21p per share.

The Transaction values the entire issued and to be issued share capital of Amerisur at approximately £242 million. This follows on from a strategic review, including a formal sales process, that was announced by Amerisur in July.

Amerisur’s registered office and headquarters is in Cardiff. The Business Review will likely result in the closing of a number of Amerisur’s offices, including the site in St Mellons. The office employs four people.

Amerisur’s principal office is in Bogota, where the majority of its staff are based. It also has offices in Asuncion, Paraquay, and Quito, Ecuador.

Commenting on the transaction, Giles Clarke, chairman of Amerisur, said: “The FSP has been a very thorough exercise with multiple parties provided with access to data rooms and management presentations held in Bogota.

“The cash offer from GeoPark Colombia of 19.21 pence per share represents a premium of almost 60% to Amerisur’s share price prior to the FSP and is an attractive proposition for Amerisur and its shareholders, particularly when compared to recent public markets acquisitions in the sector. The market for Amerisur has been fully tested and the Board is unanimously recommending this condition light offer to shareholders.”