Sona to Get MSC's Clearance Soon to Acquire Salamander's Thailand Assets
Salamander Energy plc announced Monday that following the recent announcement July 21 concerning the transaction to divest an interest in the Greater Bualuang Area offshore Thailand, the company has submitted a draft shareholder circular to the Financial Conduct Authority.
Salamander previously announced July 21 the signing of an agreement under which Sona Petroleum Berhard (Sona) would acquire an effective 40 percent working interest in the B8/38 concession (containing the Bualuang oil field) and the surrounding G4/50 concession, both located in the Gulf of Thailand (together the Transaction).
Salamander understands that Sona is expecting to receive clearance from the Malaysian Securities Commission (MSC) in the coming weeks. Once the MSC clearance has been received then both parties intend to seek their respective shareholder approvals in accordance with their contractual obligations under the SPA. Completion of the Transaction is conditional on, amongst other things, obtaining these approvals and is expected to occur before the end of 2014, in keeping with the timetable previously outlined.
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