Sea Oil Gets More Time from POE to Complete Thai Onshore Block Acquisition
Canada's Pan Orient Energy Corp. disclosed Tuesday that on Nov. 5, 2014 the company announced it had entered into an agreement for the sale of a 50-percent equity interest in subsidiary Pan Orient Energy (Siam) Ltd. to a wholly owned subsidiary of Sea Oil Public Company Limited (Sea Oil), of Thailand, for a cash price of $42.5 million (CAD 48.3 million), including a working capital adjustment of $2.4 million (CAD 2.7 million).
Pan Orient Energy (Siam) Ltd. holds Pan Orient’s 100 percent interest in Concession L53/48 in Thailand. It is anticipated that net proceeds to Pan Orient, after closing adjustments and costs will be approximately $40.9 million (CAD 46.5 million).
Pan Orient has been informed that Sea Oil requires additional time to complete certain closing conditions to be satisfied by it, including the Bank of Thailand approval for the transfer of funds. Accordingly, Pan Orient and Sea Oil have agreed to delay closing of the transaction for up to three weeks. A further update will be provided in due course.
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