KUALA LUMPUR: Sona Petroleum Bhd is buying the 100% stake in the Stag Oilfield, offshore Western Australia, for US$50mil (RM215.2mil), which will be its qualifying acquisition.
It said on Monday it was buying the production licence WA-15-L and pipeline licence WA-6-PL (Stag Oilfield) and the associated assets from Quadrant Northwest Pty Ltd and Santos Offshore Pty Ltd.
Sona said the Stag Oilfield is a producing oilfield in the Dampier sub-basin of the Carnarvon Basin, offshore Western Australia and in a water depth of 50 metres and 60km offshore.
Santos owns 66.67% of Stag Oilfield while the operator Quadrant owns the remaining stake.
Sona said the purchase consideration would be satisfied in cash and funded via Sona Petroleum’s internal funds raised from its initial public offering held under a trust account (net of taxes payable) amounting to RM525.6mil as at Oct 30, 2015.
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