Carnarvon divests remaining assets in Thailand

Carnarvon Petroleum Ltd.

Carnarvon Petroleum Ltd. has entered into a sale and purchase agreement (SPA) to divest its remaining 20% interest in the Thailand oil production concessions L44/43, L33/43 and SW1A to the Berlanga Group for $58.2 million (AUD 68.5 million).

The SPA was entered into with Berlanga Thailand Ltd., a member of the Berlanga Group, and a deposit of $2 million (AUD 2.3 million) was received by Carnarvon upon signing the SPA.

Completion is currently scheduled to occur on or before Feb. 16, 2015.

Carnarvon Petroleum was advised by Miro Advisors and King & Wood Mallesons. Berlanga Thailand Ltd. was advised by Silverhorn Investment Advisors and K&L Gates.

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