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.

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