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.
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