KUALA LUMPUR: Sona Petroleum Bhd via its wholly-owned unit, Sona Exploration and Production (Thailand) Ltd (SEPT), is acquiring a 40 per cent equity interest in Salamander Energy (Bualuang) Ltd (SEBL) from Salamander Energy (Bualuang Holdings) Ltd (SEBHL) for about RM895.2 million.
Sona Petroleum in a filing to Bursa Malaysia yesterday said the proposed transaction gives SEPT a 40 per cent effective participating interest in the B8/38 and G4/50 oilfield concession in the Gulf of Thailand.
“The proposed transaction is expected to contribute positively to Sona Petroleum’s earnings per share (EPS) for the financial year ending Dec 31, 2014 as B8/38, a production asset, is currently cash flow positive and income-generating,” it said.
It added that consequentially, the EPS of the company is expected to improve after taking into consideration the future earnings potential of B8/38.
Sona Petroleum said the proposed transaction is intended to be the company’s qualifying acquisition and gives it a balanced portfolio of production, development and exploration assets in Thailand, as it takes its first step in developing into an independent upstream oil and gas company.
Located in the western Gulf of Thailand, Block G4/50 surrounds the B8/38 block that contains the Bualuang oil field and Bualuang East Terrace oil discovery. — Bernama