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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.

"With the sale, we are now entirely focused on maximising value in the North West Shelf of Western Australia."

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.

"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."

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By GlobalData

Oil 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.