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Sona Petroleum losses widen in 1H as yet to complete qualifying acquisition

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Sona Petroleum losses widen in 1H as yet to complete qualifying acquisition Empty Sona Petroleum losses widen in 1H as yet to complete qualifying acquisition

Post by Cals Mon 18 Aug 2014, 22:29

Sona Petroleum losses widen in 1H as yet to complete qualifying acquisition
Business & Markets 2014
Written by Gho Chee Yuan of theedgemalaysia.com   
Monday, 18 August 2014 20:07

KUALA LUMPUR (Aug 18): Sona Petroleum Bhd, an oil and gas special purpose acquisition company (SPAC), saw its net loss widen to RM9.02 million in first half ended June 30, 2014 (1HFY14) compared with RM763, 000 a year before.

The company did not generate any revenue during the financial period. 

Sona Petroleum will only generate an operating income once it has completed the qualifying acquisition.

Currently, the company’s source of income are mainly derived from interest and profit earned from fixed deposit placements, while major expenses were finance costs, expenses incurred in evaluating qualifying acquisitions.

On prospects going forward, Sona said it had on June 5 entered into a Heads of Agreement with Salamander Energy PLC to acquire an on-going production asset and a near term development asset, the B8/38 concession, and a high potential exploration asset, the G4/50 concession,

"The proposed transaction is expected to contribute positively to the company’s earnings per share from the financial year ending Dec 31, 2014 as B8/38, a production asset, is currently cash flow positive and income-generating," said Sona Petroleum.
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