Sona Petroleum acquires full interest in Australian oilfield

Sona Petroleum acquires full interest in Australian oilfield

Malaysia’s Sona Petroleum has announced that its subsidiary, Sona E&P (Perth), has entered into an agreement with Quadrant Northwest and Santos Offshore for the acquisition of 100% interest in the Stag Oilfield, along with the operatorship for $50m.

The purchase will be funded via Sona Petroleum’s internal funds raised from its IPO. In addition, Sona Petroleum has proposed to use part of the IPO funds for the infill development of the field, which is located in the Dampier sub-basin of the Carnarvon Basin, offshore Western Australia.

Sona Petroleum said the acquisition is in line with the company’s strategy of investing in a balanced portfolio of assets, as it takes its first step in transforming itself into an independent upstream oil and gas company.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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