LONDON –Salamander Energy reports that, a definitive conditional share sale and purchase agreement (SPA) between Salamander and SONA Petroleum Bhd to dispose of a 40% working interest in the Greater Bualuang Area in the Gulf of Thailand has been concluded.
The $280 million cash deal involves the B8/38 concession containing the Bualuang oil field and the surrounding G4/50 concession, both in the Gulf of Thailand.
Mitsui Oil Exploration Co. Ltd (MOECO), from whom Salamander acquired its 100% interest in G4/50, holds back-in rights to up to 50% of the concession while the license is in its exploration phase. In the event that MOECO exercises its back-in rights, Salamander’s and SONA’s effective working interests will each be diluted in proportion to their ownership in G4/50 (being 60/40).
The transaction is expected to be completed 4Q 2014.