KUALA LUMPUR: Sona Petroleum Bhd, which aims to complete the acquisition of a stake in Salamander Energy plc's unit by year-end, is still awaiting the Securities Commission's (SC) approval, said managing director, Datuk Seri Hadian Hashim.
The special-purpose acquisition company was also confident that it was a good deal and was currently going through all necessary process by engaging with SC via their advisers, he said.
He said the company's submitted its proposal on August 29, 2014.
"We've gone so far to take up what we consider as a good asset and we have met the criteria. Sona Petroleum's long-term outlook for global oil prices will continue to be lucrative, probably at US$95 to US$100 per barrel," he told reporters after MIDF Luncheon Talk on Valuing Upstream Oil and Gas Assets here today.
On July 21, 2014, Sona Petroleum Bhd's unit, Sona Exploration and Production (Thailand) Ltd (SEPT), has proposed to acquire a 40 per cent equity interest in Salamander Energy (Bualuang) Ltd (SEBL) from Salamander Energy (Bualuang Holdings) Ltd (SEBHL) for RM895.2 million.
In a filing to Bursa Malaysia, it said the deal gave SEPT a 40 per cent effective participating interest in the B8/38 and G4/50 oilfield concessions in the Gulf of Thailand.
"We can only give the numbers when the deal is completed. Hopefully, when both the SC and shareholders have approved it," Hadian replied to a question on the future earnings potential from the deal during the talk.
On whether there would be dividend payments if the company successfully acquire the stake, Hadian said: "Well, we have the loan to be paid. When the numbers are getting better dividend will be justified."-- Bernama