Sona Gets More Time to Meet Conditions for Australia's Stag Oilfield Deal

Sona Petroleum Berhad reported that the cut-off date to meet conditions for the proposed acquisition of a 100 percent interest in the Stag Oilfield in Production License WA-15-L offshore Western Australia has been extended by a month, the company said Thursday.

"We wish to announce that in view of the adjournment of the Company’s extraordinary general meeting (EGM) and other pending Conditions Precedent, namely the execution of the Transitional Services Agreement and the Dampier Spirit floating storage offloading (FSO) Assignment and Assumption Document, Sona Australia has agreed with the Sellers to extend the cut-off date to satisfy or waive the Conditions Precedent as stipulated in the sales and purchase agreement (SPA) from March 31 to April 30," the firm announced in a filing on local stock exchange Bursa Malaysia.

The SPA for Stag Oilfield was inked by Sona and the sellers -- Quadrant Northwest Pty Ltd. and Santos Offshore Pty Ltd. -- in November 2015. On Feb. 29, Sona revealed that the sellers agreed to reduce the acquisition price, originally set at $50 million, for the oilfield by half to $25 million after taking into account "fair market value" in line with the prevailing global oil prices.

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