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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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