KUALA LUMPUR (Nov 17): Sona Petroleum Bhd reiterated its commitment to finalise its acquisition of two upstream oil and gas (O&G) assets in Thailand from the UK-listed Salamander Energy.
In a statement, Sona managing director Datuk Seri Hadian Hashim said its commitment to finalise the purchase of the effective stake in the B8/38 and G4/50 concessions in Bualuang was despite rival offers for the O&G assets.
"We note the ongoing speculation around Sona's agreement with Salamander Plc arising from rival bids on a corporate level for Salamander.
"Sona reiterates its firm commitment to its shareholders to pursue the completion of the transactions announced with Salamander for an effective interest in the B8/38 and G4/50 concessions in Bualuang. Sona is of the opinion that the terms of its sales & purchase agreement with Salamander remain competitive," Hadian said.
A consortium comprising Spain's Compania Espanola de Petroleos (CEPSA) and Jynwel Capital has made a take-over offer for Salamander. Jynwel is controlled by Malaysian businessman
Reuters reported that under the proposal, the consortium proposed to pay 121 pence in cash for each Salamander share.