Carnarvon Petroleum Limited (Carnarvon) disclosed Wednesday that the Company has completed the divestment of its remaining 20 percent interest in the Thailand oil production concessions L44/43, L33/43 and SW1A (Thai assets).
As announced Dec. 4, 2014 Carnarvon agreed to sell its remaining 20 percent interest in its Thai assets to the Berlanga Group for a base consideration of $50 million plus final completion adjustments.
In addition, Carnarvon retains its $32 million receivable in the Thai assets, agreed to as part of the Loyz transaction announced in March 2014.
Managing Director and CEO, Adrian Cook said, “We are pleased to have completed another important step in transitioning the Company into a well funded and well resourced North West Shelf focused business.
I’d personally like to thank the Carnarvon team for their support in reshaping the vision and strategy of the Company and for working tirelessly on completing this transaction in very challenging industry conditions.
Carnarvon now has the cash to ensure it can add value in the Phoenix area through further exploration and appraisal activities, fund ongoing corporate costs through the $32 million receivable linked to Thailand oil field revenue and grow the business through further exploration activities, such as those relating to its 100 percent held Cerberus blocks in the Carnarvon Basin.”
Carnarvon Petroleum was advised by Miro Advisors and King & Wood Mallesons on the divestment of its Thailand interests.
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