KUALA LUMPUR: Sona Petroleum Bhd’s nearly RM1 billion deal to buy oil and gas assets in Thailand owned by UK-listed Salamander Energy plc appears to be all but over after the latter accepted the takeover offer by Ophir Energy plc.
Salamander yesterday announced it had agreed to Ophir’s firm offer to buy all the stake in the company. The offer was on the condition that Salamander cancels its deal with Sona.
Sona had in July this year sealed a deal to buy a 40 per cent stake in two oil and gas blocks in the Gulf of Thailand from Salamander for US$280 million (RM935 million).
Sona, a special purpose acquisition company (SPAC), is still trying to conclude its maiden qualified acquisition (QA) with the RM550 million cash pile raised from its initial public offering in July 2013.
It was the third SPAC listed on Bursa Malaysia.
The SPAC guidelines require such companies to spend the bulk of the monies raised from their IPOs on QAs within three years of listing.
In September last year, speculation was rife that Sona was looking to take up a stake in Singapore-listed RH Petrogas Ltd, a company controlled by Sarawak tycoon Tan Sri Tiong Hiew King, for a reported US$135 million. The deal did not materialise.
Sona officials were not immediately available for comments.
However, a brief statement from the company issued to Bursa Malaysia yesterday said it remains committed to completing the US$280 million deal that was signed on July 18.
Meanwhile, Salamander said in a statement posted on its website that its shareholders would be entitled to receive 0.5719 of a new Ophir share for each Salamander share. This values the company at £314 million (RM1.65 billion).
Non-executive chairman Charles Jamieson said the board of Salamander unanimously believed that the Ophir offer represents an attractive opportunity to participate in an enlarged African-Asian exploration and production company with a strong balance sheet and enhanced operating capability.
Ophir is incorporated in England and Wales with its headquarters in London and operational offices in Perth (Australia), Dar es Salaam and Mtwara (Tanzania), Malabo (Equatorial Guinea), Libreville (Gabon) and Nairobi (Kenya).
Ophir has one of the largest deepwater acreage positions across East and West Africa and has recently agreed to buy assets in Myanmar and Indonesia.