Malaysia's Sona Petroleum to Acquire Australia's Stag Oilfied for $50M
Gaffney, Cline & Associates estimated that as at June 30, the Stag Oilfield holds around 13.0 million stock tank barrels (MMstb) of proved (1P) oil reserves, 16.2 MMstb of proved plus probable (2P) reserves and 24.0 MMstb of proved plus probable plus possible (3P) reserves.
"The Proposed Acquisition is intended to be Sona Petroleum’s Qualifying Acquisition and gives Sona Petroleum an interest in a production and development asset, as it takes its first step in transforming itself into an independent upstream O&G (oil and gas) company," Sona added.
Sona Petroleum, a special purpose acquisition company listed on Bursa Malaysia, scrapped plans in January to purchase stakes in two oil and gas blocks in the Gulf of Thailand from Salamander Energy Plc for $280 million after the latter accepted Ophir Energy Plc's $418 million takeover bid late last year.
Santos, meanwhile, is trying to improve its company finances. The Australian oil and gas exploration and production firm, which rejected a $5.15 billion takeover bid in October by Scepter Partners -- an investment firm backed by Asian and Middle East royalty -- revealed Aug. 21 when discussing its first half 2015 financial results that the current debt stood at $6.4 billion (AUD 8.8 billion) against year-end 2014 debt of $5.4 billion (AUD 7.5 billion).
Quadrant currently operates Stag Oilfield, holding a 33.33 percent interest in the development, while joint venture partner Santos has the remaining 66.67 percent stake.
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