Santos, Quadrant Terminate Sale of Stag Oilfield Off WA to Malaysia's Sona

Malaysia's Sona Petroleum Berhad disclosed Thursday that it has received letters from Santos and Quadrant Energy on the termination of the sale of Stag Oilfied in Production License WA-15-1 offshore Western Australia.

"On behalf of Sona Petroleum, we wish to announce that the Company today received letters from Santos and Quadrant to notify that the Sellers terminate the SPA with immediate effect. Accordingly, the SPA in relation to the Proposed Acquisition is terminated with effect from June 2," Sona said in the press release.

Sona announced in last month that the conditions for the purchase of Stag Oilfield for $25 million -- which would have been its qualifying acquisition as a Special Purpose Acquisition Company listed on local stock exchange Bursa Malaysia -- had not been satisfied by the sale and purchase agreement (SPA) cut-off date of April 30. This comes after more than three quarters of Sona's shareholders voted April 26 against the proposed acquisition.



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
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Automation Systems Analyst II
Expertise: Business Development
Location: Houston, TX
 
Instrumentation & Electrical Project Estimator
Expertise: Electrician|Estimating|Project Management
Location: Spring, TX
 
Rockies Regional Instrumentation & Electrical Operations Manager
Expertise: Business Development|Electrician|Operations Management
Location: Durango, CO
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours