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.



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
 -  Zion Granted Approval to Drill Well On... (Dec 2)
 -  Production Drilling Begins at Mariner ... (Dec 2)
 -  Subsea 7 Secures Services Contract wit... (Dec 2)
 -  Eni: Oil Worker Dies Following Congo P... (Dec 2)
 -  FAR Refutes Claims that it cannot Farm... (Dec 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
Regional Sales Manager
Expertise: Business Development|Sales
Location: Houston
 
Operations Manager
Expertise: Operations Management|Process Management|Regulatory Compliance
Location: Kermit, TX
 
Senior Project Manager
Expertise: Project Management
Location: Kennesaw, GA
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours