Carnarvon Petroleum has agreed to sell its remaining 20% interest in three Thailand oil production concessions to Berlanga Group for $58.2m.
The transaction includes the L44/43, L33/43 and SW1A concessions, located in the Phetchabun basin, about 300km north of Bangkok.
Go deeper with GlobalData
The sale will enable Carnarvon to focus on its North West Shelf acreage, offshore Western Australia, where a work programme is planned to be undertaken in 2015.
It follows the sale of a 20% interest in the concessions to Singapore-based Loyz Energy for about $65m in March.
Carnarvon Petroleum managing director and CEO Adrian Cook said: "On completion of this transaction we will have realised $91 million in the past year from the sale of our Thailand interests, with up to a further $32 million to be received in the future.
See Also:
"With the sale, we are now entirely focused on maximising value in the North West Shelf of Western Australia. Upon completion of the sale, we will have secured important funding for our future activities without diluting our shareholders’ interests or raising debt."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOil and gas exploration firm Carnarvon is presently focusing on its core regions of South East Asia and Australia.
The Berlanga Group is an independent, privately owned, exploration and production energy company in the Asia-Pacific region.
The company, which was established more than 20 years ago, has acquired, owned, operated and developed significant oil and gas concessions.
.gif)
