NEW YORK/LONDON - Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration in Guyana, the world’s newest oil and gas hot spot, two people familiar with the matter said.
The deal reflects rising interest in Guyana, a small South American country of 750,000 whose oil discoveries are set to transform an economy dependent on agriculture and mining. Cataleya, founded by Canadian and Guyanese businessmen with backgrounds in gold mining, holds a 25% stake in the Kaieteur block, a 3.3 million-acre area adjacent to Stabroek. Exxon holds a 35% stake in Kaieteur, and is the block’s operator.Mike Cawood, chief executive and co-founder of Canada-registered Cataleya, declined to comment on the Elliott investment but said his shareholders come from Guyana, the Caribbean, the United States, Canada and Israel.
The investment puts Elliott, run by billionaire Paul Singer, in a consortium with U.S. producer Hess Corp, which owns a 15% stake in Kaieteur. Elliott, a shareholder in Hess, pushed for changes at Hess in 2013 and remained criticalElliott is well-known in Latin America for its use of litigation to enforce claims on defaulted Peruvian and Argentine bonds.
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