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Sona Petroleum receives SC nod
Published on: Saturday, February 13, 2016
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Kuala Lumpur: Sona Petroleum Bhd has received the Securities Commission Malaysia's (SC) approval to acquire the Stag Oilfield, offshore Western Australia, for RM215.2 million (US$50 million).In a filing to Bursa Malaysia Friday, Sona said the company is currently negotiating with the sellers of the oilfield for a reduction in the price of the proposed acquisition.

"Our advisor, CIMB Investment Bank Bhd, said the SC had earlier noted a report by an independent technical and asset valuation expert, suggesting that the purchase price was above the fair value for the Stag Oilfield," it added. – Bernama




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