SONA (5241) : Sona Petroleum says still committed to Salamander deal
KUALA LUMPUR: Sona Petroleum Bhd is still committed to its proposed purchase of a 40% stake in two oil and gas blocks in the Gulf of Thailand from Salamander Energy Plc for US$281.2 mil (RM942mil).
The company informed Bursa Malaysia on Monday it “remains committed to complete the proposed transaction under the terms of the sale and purchase agreement dated July 18, 2014”.
Sona is keeping its fingers crossed that its purchase plan will not be derailed by British oil and gas explorer Ophir Energy Plc.
Sona offered to buy Salamander in an all-stock deal on condition that the latter cancels its deal with Sona.
Reports said the Ophir offer values Salamander at £266.9mil (RM1.4bil), based on its closing price of 180.1 pence on Thursday and the 259.13 million outstanding Salamander shares.
In the latest development, Sona Petroleum pointed out that this is a “proposed offer” and not a “firm offer” which has to be submitted by Nov 24, 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 July 18, 2014,” it said.-The Star
KUALA LUMPUR: Sona Petroleum Bhd is still committed to its proposed purchase of a 40% stake in two oil and gas blocks in the Gulf of Thailand from Salamander Energy Plc for US$281.2 mil (RM942mil).
The company informed Bursa Malaysia on Monday it “remains committed to complete the proposed transaction under the terms of the sale and purchase agreement dated July 18, 2014”.
Sona is keeping its fingers crossed that its purchase plan will not be derailed by British oil and gas explorer Ophir Energy Plc.
Sona offered to buy Salamander in an all-stock deal on condition that the latter cancels its deal with Sona.
Reports said the Ophir offer values Salamander at £266.9mil (RM1.4bil), based on its closing price of 180.1 pence on Thursday and the 259.13 million outstanding Salamander shares.
In the latest development, Sona Petroleum pointed out that this is a “proposed offer” and not a “firm offer” which has to be submitted by Nov 24, 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 July 18, 2014,” it said.-The Star
