Posted by nice1 > 2015-10-31 14:46 | Report Abuse

Ini kali lah

Posted by nice1 > 2015-11-02 07:39 | Report Abuse

oil price is low, excellent timing for QA. Thumbs up

Posted by callme777 > 2015-11-02 09:08 | Report Abuse

Announcemt dy

Posted by ktsk88 > 2015-11-02 09:09 | Report Abuse

buying 100% of Stag Oilfield for USD50 million....at last

Posted by LaoLiu > 2015-11-02 09:11 | Report Abuse

On behalf of the Board of Directors of Sona Petroleum, CIMB Investment Bank Berhad wishes to announce that on 2 November 2015, Sona E&P (Perth) Pty Ltd as buyer and Sona Petroleum as guarantor entered into a sale and purchase agreement with Quadrant Northwest Pty Ltd and Santos Offshore Pty Ltd as sellers in relation to the Proposed Acquisition.
This announcement is dated 2 November 2015.

SONA PETROLEUM BERHAD ("SONA PETROLEUM" OR "COMPANY")

PROPOSED ACQUISITION OF 100% INTEREST IN THE STAG OILFIELD FOR A TOTAL CASH CONSIDERATION OF US$50.0 MILLION ("PROPOSED ACQUISITION")

Posted by LaoLiu > 2015-11-02 09:13 | Report Abuse

SONA PETROLEUM BERHAD ("SONA PETROLEUM")
Acquisition of new wholly-owned subsidiaries

Sona Petroleum wishes to announce that it has on 30 October 2015, acquired Nova Calibre Sdn. Bhd. (Company No.:1161530-X) (“NCSB”) as a wholly-owned subsidiary of Sona Petroleum.

NCSB was incorporated under the Companies Act, 1965 in Malaysia with an authorised share capital of RM400,000.00 comprising of 400,000 ordinary shares of RM1.00 each and an issued and paid-up share capital of RM2.00 comprising of 2 ordinary shares of RM1.00 each. The Directors of NCSB are Dato’ Sri Hadian Bin Hashim and Dato’ Maznah Binti Abdul Jalil. The principal activity of NCSB is as an investment holding company.

Concurrently, NCSB has on 30 October 2015, become the sole shareholder of Sona E&P (Perth) Pty Ltd (Company No. 609 051 934) (“Sona Australia”).

Sona Australia is a company incorporated under the Corporations Act 2001 in Australia with an issued and paid-up share capital of 1 ordinary share of A$1.00. The Directors of Sona Australia are Dato’ Maznah Binti Abdul Jalil, Datuk Seri Saw Choo Boon, Ian Brian Hopkins, Dato’ Mohamed Khadar Bin Merican and Andreas Johannes Raymundus van Strijp, The principal activity of Sona Australia is in the exploration and production of oil and gas.

As at the date of this announcement, both entities are dormant companies.

This announcement is dated 2 November 2015.

Posted by nice1 > 2015-11-02 09:14 | Report Abuse

share suspended for morning, open at 2.30pm

Posted by nice1 > 2015-11-02 09:32 | Report Abuse

Can any oil expert give some opinions on the oil fields, reserves 1P, 2P and 3P etc

Posted by trader66 > 2015-11-02 09:36 | Report Abuse

Nov 2015, 09:08
SONA - Trading Halt and Resumption
SONA - Trading Halt and Resumption
ILC-02112015-00001
Kindly be advised that trading in the above Company's securities has been
halted with effect from 9.00 a.m., Monday, 2 November 2015. Trading in the
securities will resume with effect from 2.30 p.m., Monday, 2 November 2015.
Your attention is drawn to the Company's announcement dated 2 November 2015.
Sr Manager, Issuers
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com

Posted by cadmus_C > 2015-11-02 09:36 | Report Abuse

QA sudah datang. Searching for analysis by anyone on this. If have, pls share out as well. tqtq

Posted by ktsk88 > 2015-11-02 09:38 | Report Abuse

1p currently producing 4600bpd, whereas 2p and 3p is not yet explore.

4600 x 30 days = 138,000 barrels x USD43.00 = USD5.8m @ RM4.10 = RM23.7m/month

Hope that their production cost is low so that we can see immediate cashflow for the company onward going.

This time the proposal of the buy just USD50m compared USD250m for the Salamander assets that not even owing 100%.

Hope this proposal will receive 100% Bursa approval since that's the condition imposed on Assets Acquisition for SPAC

Posted by speakup > 2015-11-02 09:42 | Report Abuse

Compared to Salamander deal, this new deal is kinda small. Seems like Sona management just want to get QA cos time is short. Quality of the oil field is not so good.

Posted by ktsk88 > 2015-11-02 09:47 | Report Abuse

Compare Salamander deals this one not taxing on the cash reserve and they have balance of RM300 m to acquire other oilfield. Just starts small and right is the best policy to get the SPAC listed before expiry.

I will vote this and i guess the other shareholders will too. Now waiting for Bursa which i think they will have no reason to object compare Salamander deal.

Posted by nice1 > 2015-11-02 09:47 | Report Abuse

seems like a good acquisition based on costing and estimated reserves

1. costing usd50m and Sona reserve cash balance can be invested in the oilfield for higher production (without going for bank borrowing) - seems good

2. reserves seems ok for the price - thought I am no oilmen

3. target IRR at least 15% - seems good

nevertheless, any research report and analysis by oil men will be good

Posted by trader66 > 2015-11-02 09:50 | Report Abuse

This is a much better deal with 100% control. Indeed Salamander deal is only half ownership, yet with huge investment. Thus this deal will be a good buy & good start with more cash
In hand for better cost management. DS Hadian, this is a good move.

Posted by nice1 > 2015-11-02 09:53 | Report Abuse

yeah, agree, this is a much better deal than Salamander, high cost and only 40% stake

Posted by ktsk88 > 2015-11-02 09:58 | Report Abuse

hopefully the market will accept this deals more friendly than the last deals and reflected in it pricing after the market open at 2.30pm.

Posted by ab55 > 2015-11-02 10:02 | Report Abuse

Good start, major QA coming end of the yr, jangan tunggu lagi ini kali lah.....

Posted by is861001 > 2015-11-02 10:03 | Report Abuse

kasi buang la....

Posted by kensen > 2015-11-02 10:04 | Report Abuse

Super good deal - USD250 mill (Salamander) for 4,800 barrels based on equity interests of 40% Vs USD50 mill for 4,600 barrels

Posted by kensen > 2015-11-02 10:04 | Report Abuse

Is like u are getting USD200 mill cheaper for almost the same barrels. Sona and Sona wa hope super up

Posted by kensen > 2015-11-02 10:06 | Report Abuse

Is a good deal when the Salamander called off. Now they got saving of USD200 mill (RM840 mill). That is a huge amount

Posted by kensen > 2015-11-02 10:07 | Report Abuse

For Sona wa, hope it will be limit up as now the warrant can extend to 2018

Posted by nice1 > 2015-11-02 10:11 | Report Abuse

thumbs up


Posted by kensen > Nov 2, 2015 10:04 AM | Report Abuse

Super good deal - USD250 mill (Salamander) for 4,800 barrels based on equity interests of 40% Vs USD50 mill for 4,600 barrels

Posted by trader66 > 2015-11-02 10:13 | Report Abuse

Agree. Absolutely right, time to focus on warrant. Believe SONA-Wa is a best Deal buy for a quantum leap price movement.

Posted by nice1 > 2015-11-02 10:16 | Report Abuse

good time for sharky to goring up the mother and son

Posted by ktsk88 > 2015-11-02 10:18 | Report Abuse

hope the company share break 50sen and remain until Bursa approve the deal. Then warrant could double up.

Posted by nice1 > 2015-11-02 10:42 | Report Abuse

hope this deal will take the price above 60cts in few months

Posted by IVAN2222 > 2015-11-02 11:47 | Report Abuse

http://www.thestar.com.my/Business/Business-News/2015/11/02/Sona-Petroleum-buying-Stag-Oilfield-for-RM215m/?style=biz

Posted by IVAN2222 > 2015-11-02 11:48 | Report Abuse

CONFIRM AFTER 2.30PM SHOOT TO 0.5 above

Posted by IVAN2222 > 2015-11-02 11:48 | Report Abuse

congratz all guys...wait patiencel;y

Posted by nice1 > 2015-11-02 11:49 | Report Abuse

http://www.theedgemarkets.com/my/article/sona-buying-australias-stag-oilfield-us50m-its-qa

Posted by LaoLiu > 2015-11-02 11:49 | Report Abuse

Now the time to accumulate Sona / Sone Wa...BUY!

Posted by nice1 > 2015-11-02 11:51 | Report Abuse

Have to find rocket men, not only sharky

IVAN2222 CONFIRM AFTER 2.30PM SHOOT TO 0.5 above

02/11/2015 11:48

Posted by sheep > 2015-11-02 11:54 | Report Abuse

good or bad? will it get majority approval?

Posted by IVAN2222 > 2015-11-02 11:55 | Report Abuse

of course..good la...aiyo..qa..not play play ok....

Posted by IVAN2222 > 2015-11-02 11:55 | Report Abuse

shoot to the sky after 2.30

Posted by nice1 > 2015-11-02 11:57 | Report Abuse

buyers piling up, hope credit suizze don't sell to spoil the party

Posted by nice1 > 2015-11-02 11:58 | Report Abuse

looks like the son will be goring up by sharky

Posted by cadmus_C > 2015-11-02 12:01 | Report Abuse

As long as their breakeven price is low, i think it's a good deal for now. Last i recalled, Saudi can survive below USD40/bbl. http://marketrealist.com/2015/01/breakeven-price-crude-oil-important/

Posted by nice1 > 2015-11-02 12:01 | Report Abuse

the son can go limit up 30% at 11 cts

Posted by LaoLiu > 2015-11-02 12:02 | Report Abuse

Definitely will shoot up for both Sona / Sona Wa. Gap up occur.

Posted by trader66 > 2015-11-02 12:02 | Report Abuse

The Edge Today 2nd November 2015:

KUALA LUMPUR(Nov 2):
Special purpose acquisition company (SPAC) Sona Petroleum Bhd ( Valuation: N/A, Fundamental: N/A) is planning to buy Australia’s Stag Oilfield for US$50 million(RM215.2 million), and the transaction is also intended to be the SPAC’s qualifying acquisition(QA).

Sona Petroleum in June had said it had scrapped its initial proposed QA, which was the acquisition of Salamander Energy Plc’s Thailand upstream oil and gas assets. The group had then said that it was confident of meeting its July 30, 2016 deadline to make a QA.

In a filing with Bursa Malaysia today, Sona Petroleum said its indirect wholly-owned subsidiary Sona E&P (Perth) Pty Ltd (Sona Australia )will serve as the buyer, and Sona Petroleum as guarantor for the sale and purchase agreement with Quadrant Northwest Pty Ltd and Santos Offshore Pty Ltd, whom are the sellers.

The agreement entails Sona Australia acquiring 100% interest in the production license WA-15-L and pipeline license WA-6-PL and the associated assets, which are collectively known as the Stag Oilfield, along with the operatorship of the oilfield.

The Stag Oilfield is a producing oilfield located in the Dampier sub-basin of the Carnarvon Basin, offshore Western Australia and in a water depth of approximately 50 metres and approximately 60 kilometres offshore.

It was discovered in 1993 and commenced production in 1998. As at June 30, 2015, the Stag Oilfield was producing oil with an average American Petroleum Institute gravity of 19 at the rate of 4,600 barrels per day from 10 active wells.

Oil from the Stag Oilfield is produced from horizontal wells and processed through a fixed central production facility platform with 50,000 barrels per day capacity, where it is then transported by pipeline to the Floating Storage and Offloading Tanker (FSO) and loaded to shuttle tankers for shipment to North Asian customers

Quadrant is the current operator of the Stag Oilfield with a 33.33% interest while Santos holds the remaining 66.67% stake.

The completion of the agreement by March 31, 2016 is subject to approval from the Securities Commission Malaysia and the shareholders of Sona Petroleum for the acquisition, as well as notice of no objection from the Australian Foreign Investment Review Board.

The acquisition is also subject to Quadrant Energy Australia Ltd(QEAL) and Sona Australia having signed a transitional services agreement, Dampier Spirit LLC having signed an assignment and assumption document in respect of the “Dampier Spirit” FSO contract with Sona Australia and QEAL, and the sale and purchase agreement being approved and registered as dealing under the Offshore Petroleum and Greenhouse Gas Storage Act 2006.

Sona Petroleum said that the acquisition will be funded entirely in cash via its internal funds raised from the initial public offering (IPO) held under a trust account amounting to approximately RM525.6 million as at Oct 30, 2015.

The group is also proposing to utilise part of the IPO funds for the Infill Development of the Stag Oilfield. The drilling of infill production wells involves the addition of new wells to the existing fields within the original well patterns to accelerate recovery of oil.

Sona Petroleum has engaged the services of Gaffney,Cline & Associates (GCA), a multi-national energy consultancy company which is a wholly-owned subsidiary of Baker Hughes listed on the New York Stock Exchange to undertake an independent assessment of the reserves and resource estimation of the Stag Oilfield.

Based on GCA’s estimates of the Stag Oilfield, (which take into account the implementation of Infill Development), Sona Petroleum is expected to have access to 13million stock tank barrels (MMstb) of proved (1P) oil reserves, 16.2 MMstb of proved plus probable (2P) reserves and 24.0 MMstb of proved plus probable plus possible (3P) reserves.

Sona shares were suspended from 9 a.m and will resume trade at 2.30 pm.

Posted by trader66 > 2015-11-02 12:05 | Report Abuse

The Star Business News

Monday, 2 November 2015
Sona Petroleum buying 100% of Stag Oilfield for RM215m

KUALA LUMPUR: Sona Petroleum Bhd is buying the 100% stake in the Stag Oilfield, offshore Western Australia, for US$50mil (RM215.2mil), which will be its qualifying acquisition.

It said on Monday it was buying the production licence WA-15-L and pipeline licence WA-6-PL (Stag Oilfield) and the associated assets from Quadrant Northwest Pty Ltd and Santos Offshore Pty Ltd.

Sona said the Stag Oilfield is a producing oilfield in the Dampier sub-basin of the Carnarvon Basin, offshore Western Australia and in a water depth of 50 metres and 60km offshore.

Santos owns 66.67% of Stag Oilfield while the operator Quadrant owns the remaining stake.

Sona said the purchase consideration would be satisfied in cash and funded via Sona Petroleum’s internal funds raised from its initial public offering held under a trust account (net of taxes payable) amounting to RM525.6mil as at Oct 30, 2015.

Posted by ktsk88 > 2015-11-02 12:40 | Report Abuse

Hope that Bursa don't play the delay game in approving the deals like the previous Salamander deal which giving Jho Low the spoiled brats to made a counter offer.

Posted by nice1 > 2015-11-02 12:58 | Report Abuse

by
Sarah Thompson
| Anthony Macdonald

Santos is poised to announce the sale of its Stag oil field asset off the coast of north-west Western Australia in the first concrete sign that deals are getting done as the battling oil and gas group fights for its corporate survival.

Lending sources told Street Talk the final sign-offs were being inked late on Sunday night as Santos lets go of its majority stake in the Stag field, about 60 kilometres offshore from the town of Dampier, to an offshore acquirer.

Perth-based firm Miro Advisors has been running the sale.

While it has been suggested that Stag could fetch up to $200 million, it's understood the purchase price is significantly less given the tumbling oil price and the heavy writedowns around the globe in the sector.

The Stag field, discovered in the early 1990s, is 66.6 per cent owned by Santos while Perth-based Quadrant Energy owns the remainder and is the operator.

Stag is a conventional oil production platform connected to the Dampier Spirit Floating Storage and Offtake vessel. The field commenced operation in 1998 and produces up to 8800 barrels of oil per day.

With all these numbers flying around – and indeed offers flying towards Santos head office – it must be getting difficult for Santos and its advisers to value the group's equity. It also looks like the equity value may be less than what Santos had been hoping.

Santos has received two bids for its offshore Victoria parcel of assets which include fields in the Gippsland and Otway Basins while it's also in talks about offloading a 3.6 per cent stake in the PNG LNG project to Japan's Marubeni, revealed by Street Talk on October 23.






































However, the biggest variable for Santos investors in valuing the company is its GLNG operations in Queensland, with fund manager sources telling Street Talk there are rumblings about a potential writedown.

Those looking in the rear view mirror will be ruing the lost opportunity to raise equity when the share price was still above $12 a year ago. Hindsight is a wonderful thing.

Meanwhile, sales desks and arb funds are still trying to work out how to play Asciano's takeover.

While Qube and friends – and their broker UBS - handed a "get out of jail free" card to a lot of fast money funds last week, they are now wondering what to do with stock leftover.

The problem is that Brookfield Infrastructure Partners deal in its existing form looks dead in the water, and there is no knowing when Qube and co will attempt its break-up play. So with no sign of any imminent live deal, merger arb funds may be forced to dump their stock.

Asciano is also expected to suffer a big index down weighting, now that Qube is on the register, which could also drag on the port and rail operator's shares.





Read more: http://www.afr.com/street-talk/santos-strikes-deal-to-sell-stag-oil-field-20151101-gknyxd#ixzz3qJ6DRkfA' target='_blank'>http://www.afr.com/street-talk/santos-strikes-deal-to-sell-stag-oil-field-20151101-gknyxd#ixzz3qJ6DRkfA
Follow us: @FinancialReview on Twitter | financialreview on Facebook
http://www.afr.com/street-talk/santos-strikes-deal-to-sell-stag-oil-field-20151101-gknyxd

Posted by nice1 > 2015-11-02 13:00 | Report Abuse

value of stag oilfield last year- wow wow usd200m

While it has been suggested that Stag could fetch up to $200 million, it's understood the purchase price is significantly less given the tumbling oil price and the heavy writedowns around the globe in the sector.

Posted by nice1 > 2015-11-02 13:02 | Report Abuse

once this deal has gone through, be sure there will be more mouth watering deal later as Sona still have extra cash and convertible warrants to play with

Posted by ktsk88 > 2015-11-02 13:04 | Report Abuse

whichever it is, the deal still attractive given the P1 still can churns out 4600bpd compare initial 8800 bpd. Bear in mind that probable P2 & P3 in the pipeline with 100% control.

Posted by ktsk88 > 2015-11-02 13:05 | Report Abuse

Since the deals have been inked, that's more secure comparing Salamander deal which just on the talks and eventually fall off the table.