PERTH (miningweekly.com) – ASX-listed Carnarvon Petroleum has agreed to sell a further 20% stake in its Thailand oil producing concession in a deal valued at $58.2-million.
The company told shareholders on Thursday that its transaction with Berlanga Thailand was consistent with the company’s renewed strategic focus on the North West Shelf of Western Australia, where an extensive work programme was planned for 2015.
“This is a positive commercial outcome for the company. Carnarvon’s already robust balance sheet will be strengthened with cash forecast to exceed A$100-million post completion,” said Carnarvon MD and CEO Adrian Cook.
“On completion of this transaction, we will have realised $91-million in the past year from the sale of our Thailand interests, with up to a further $32-million to be received in future. This has proven to be a very profitable investment and a powerful demonstration of our willingness to think and act differently.”
In March this year, Carnarvon sold an initial 20% stake in its Thai assets to Singapore’s Loyz Energy, in a deal valued at around $65-million.
Cook said on Thursday that the company was now entirely focused on maximizing the value of its North West Shelf assets.
“Upon completion of the sale, we will have secured important funding for our future activities without diluting our shareholders’ interest or raising debt. We are new well funded and focused to follow-up on our success at the Phoenix South 1 well.”