Clifford Chance Advises Salamander Energy On Its Us$280 Million Disposal Of A 40% Stake In The Greater Bualuang Area

On 21 July 2014, Salamander Energy plc (“Salamander”) announced the signing of a definitive share sale and purchase agreement with SONA Petroleum Berhard for the US$280 million disposal of an effective 40% working interest in the B8/38 concession containing the Bualuang oil field and the surrounding G4/50 concession, both located in the Gulf of Thailand. The transaction is to be effected via a share sale to SONA of an interest in Salamander Energy Bualuang Limited, a wholly-owned subsidiary of the Salamander group, which holds a 60% interest in the B8/38 concession.

 

The transaction remains conditional, amongst other things, on approval by Salamander’s shareholders and on SONA receiving regulatory approval from the Securities Commission of Malaysia and approval by its shareholders.

Clifford Chance advised on all English law aspects of this transaction and also has also been advising on Salamander’s formal sale process under the UK Takeover Code which was announced by Salamander on 1 May 2014 and was concluded at the same time the acquisition was announced.

The Clifford Chance team was led by natural resources M&A partner David Lewis, supported by Ciaran Healy and Ruth Paul.

Salamander Energy is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange. The Group has a balance of producing, development and exploration assets in Thailand, Indonesia and Malaysia.

SONA is a special purpose acquisition company listed on the Malaysian stock exchange formed by a group of experienced senior executives from the oil and gas industry targeting the acquisition of upstream assets in SE Asia and elsewhere.

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