Sona Petroleum Bhd's planned purchase of a 40% stake in Salamander Energy Plc's (SEP)'s Thailand assets is not expected to be in jeopardy despite, it receiving expressions of interest from two parties.
This is Sona Petroleum's first acquisition since listing as a special purpose acquisition company (SPAC).
In a filing with Bursa Malaysia, Sona Petroleum cited a letter from SEP as proof of this.
"Subject to the outcome of the ongoing negotiations described above, the board of directors of SEP continues to believe that completion of the Sona transaction is in the best interests of its shareholders", it said in its announcement.
In June 2014 Sona Petroleum proposed to acquire a 40% interest in the B8/38 concession and the G4/50 concession in Thailand by acquiring participating equity interests in SEL from Salamander Energy (Bualuang Holdings) Ltd, for US$281.2 million.
Yesterday however, in a filing with Bursa Malaysia Sona Petroleum said that SEP had confirmed that it had received a conditional proposal from Ophir Energy Plc and an approach from a consortium led by Compañía Española de Petróleos.
SEP said in May this year that would sell assets and was looking for buyers for the company.
SEP said in May this year that would sell assets and was looking for buyers for the company.
In the letter attached to the Sona Petroleum announcement, it said SEP however is yet to receive any proposal or confirmation that any offer will be forthcoming.
Sona Petroleum also announced that it had secured a US$140 million loan facility to part finance its acquisition of SEL.
It had entered into a facility agreement with BNP Paribas and RHB Bank (L) Ltd, as joint lead arrangers for the facility.
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