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NewsSona to finalise Salamander asset buy despite rival Ophir's offer
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Sona to finalise Salamander asset buy despite rival Ophir's offer
by Cals Tue 25 Nov 2014, 00:09
Sona to finalise Salamander asset buy despite rival Ophir's offer
KUALA LUMPUR (Nov 24): Sona Petroleum Bhd is committed to finalising the acquisition of two upstream oil and gas (O&G) assets in Thailand from UK-listed Salamander Energy plc.
In a statement to Bursa Malaysia today, Sona said its commitment to finalise the purchase of effective stakes in the B8/38 and G4/50 concessions in Bualuang was despite a rival offer by UK-listed Ophir Energy plc to buy the entire share capital in Salamander.
According to Sona, Ophir has proposed to acquire Salamander via a share swap. Under the exercise, Salamander shareholders will be entitled to 0.6 Ophir share for one Salamander unit held.
"Sona Petroleum wishes to point out that this is a 'proposed offer' and not a 'firm offer' which has to be submitted by 24 November 2014, unless this date is extended by Salamander.
"Notwithstanding the above, Sona Petroleum remains committed to complete the proposed transaction under the terms of the sale and purchase agreement dated 18 July 2014," Sona said.
KUALA LUMPUR (Nov 24): Sona Petroleum Bhd is committed to finalising the acquisition of two upstream oil and gas (O&G) assets in Thailand from UK-listed Salamander Energy plc.
In a statement to Bursa Malaysia today, Sona said its commitment to finalise the purchase of effective stakes in the B8/38 and G4/50 concessions in Bualuang was despite a rival offer by UK-listed Ophir Energy plc to buy the entire share capital in Salamander.
According to Sona, Ophir has proposed to acquire Salamander via a share swap. Under the exercise, Salamander shareholders will be entitled to 0.6 Ophir share for one Salamander unit held.
"Sona Petroleum wishes to point out that this is a 'proposed offer' and not a 'firm offer' which has to be submitted by 24 November 2014, unless this date is extended by Salamander.
"Notwithstanding the above, Sona Petroleum remains committed to complete the proposed transaction under the terms of the sale and purchase agreement dated 18 July 2014," Sona said.
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