LONDON – Salamander Energy has agreed to sell a 40% interest in two concessions in the Gulf of Thailand to SONA.
The latter will pay $280 million for the stakes in the B8/38 concession (containing the producing Bualuang field) and the surrounding G4/50 concession.
Salamander will carry SONA’s costs associated with drilling of two exploratory wells in G4/50 up to an agreed cap. If there is a commercial discovery, SONA will pay Salamander a contingent cash payment of up to $15 million.
At the end of December 2013, Bualuang contained estimated 2P reserves of 32.7 MMbbl of oil and 2C resources of 32.3 MMbbl.
Salamander expects to close the deal by the end of 3Q 2014, pending regulatory and shareholder approvals.