Sona Petroleum to enhance ties with Salamander Energy
Published on: Tuesday, July 22, 2014
Kuala Lumpur: Sona Petroleum Bhd said its maiden acquisition of oil and gas assets worth RM900 million from UK-listed Salamander Energy Plc is set to pave the way for more such future partnerships."Salamander is a very experienced and focused operator in Southeast Asia. "It is in oil and gas (O&G) production in Thailand and carries out O&G exploration in Indonesia. There is a lot of potential for future collaboration," said Sona Petroleum Managing Director Datuk Seri Hadian Hashim.
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He made the remarks during a press conference here today to announce the signing of a sale and purchase agreement, inked last Friday, between the two companies. Under the pact, Sona is spending around RM900 million to buy a 40 per cent stake in a producing O&G field in the Gulf of Thailand from Salamander.Salamander is an independent upstream O&G exploration and production company, with portfolio spanning production, development and exploration assets in Thailand, Indonesia and Malaysia.
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Sona's acquisition involves an on-going production and near-term development asset, B8/38, consisting of the Bualuang field, and a high potential exploration asset, G4/50, that offers a plan for drilling exploration wells in 2014 and 2015.The total Bualang field production is expected to increase to some 16,000 barrels of oil per day (bopd) by 2017, from 12,300 bopd last year, said Hadian.
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The deal is expected to be completed by the fourth quarter of this year. Stay up-to-date by following Daily Express’s Telegram channel.
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