Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.
Salamander had announced on July 21 the signing of an agreement under which Sona Petroleum Berhard (SONA) would acquire 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 (together the Transaction).
Salamander understands that SONA is expecting to receive clearance from the Malaysian Securities Commission ("MSC") in the coming weeks.
Once the MSC clearance has been received then both parties intend to seek their respective shareholder approvals in accordance with their contractual obligations under the SPA. Completion of the Transaction is conditional on, amongst other things, obtaining these approvals and is expected to occur before the end of 2014, in keeping with the timetable previously outlined.