Sona, Salamander Extend Period to Complete Sale of Thai Upstream Assets

Special-purpose acquistion firm Sona Petroleum Berhad and UK-listed Salamader Energy Plc agreed to extend the exclusivity period for the sale of a 40 percent stake in two oil and gas blocks in the Gulf of Thailand for $280 million to the Malaysian company to the end of July.

"On behalf of the Company, CIMB and RHB Investment Bank Berhad wish to announce that the Company and Salamander have mutually agreed to extend the exclusivity period in respect of the Proposed Transaction until end of July 2014," Sona said in an announcement on local stock exchange Bursa Malaysia. 

Sona explained that the extension of the exclusivity period is to enable the auditors to prepare Salamander Energy (Bualuang) Limited's financial statements under International Financial Reporting Standards (IFRS) for the past 3 years. The extension will also enable the parties to finalize the sale and purchase agreement and other transaction agreements.

After the transaction is completed, Sona will own a 40 percent interest each in Block B8/38, which contains the producing Bualuang field, and in the G4/50 exploration concession.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Principal Consultant
Expertise: Business Development
Location: Houston, TX
 
Project Manager
Expertise: Project Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $54.15/BBL 0.51%
Light Crude Oil : $51.47/BBL 1.45%
Natural Gas : $3.22/MMBtu 3.30%
Updated in last 24 hours