Following the recent announcement on 21 July concerning the transaction to divest of an interest in the Greater Bualuang Area, Salamander today announces that it has submitted a draft shareholder circular to the Financial Conduct Authority.
Salamander previously announced on 21 July 2014 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.
James Menzies, Chief Executive Officer
Geoff Callow, Head of Corporate Affairs
+ 44 (0)20 7432 2680
+44 (0)20 7404 5959
Jefferies Hoare Govett (Broker)
+44 (0) 20 7029 8000
Notes to Editors
Salamander Energy is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange (Ticker: SMDR). The Group has a balance of producing, development and exploration assets in Thailand, Indonesia and Malaysia.
SONA is a special purpose acquisition company ("SPAC") 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.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Some of the statements in this announcement include forward-looking statements which reflect the Group's or, as applicable, the directors' of Salamander (the "Directors") current views with respect to financial performance, business strategy, plans and objectives of management for future operations (including development plans relating to the Group's exploration and production). These statements include forward-looking statements both with respect to the Group and the sectors and industries in which the Group operates. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", their negative variations and similar statements of a future or forward-looking nature identify forward-looking statements for the purposes of the U.S. federal securities laws or otherwise. All forward-looking statements address matters that involve risks and uncertainties many of which are beyond the control of the Group. Accordingly, there are or will be important factors that could cause the Group's actual results to differ materially from those indicated in these statements. These factors include but are not limited to the following factors: declines in oil or gas prices; energy demand in South-East Asia; accuracy of the estimates of the Group's reserves and resources; the Group's ability to implement successfully any of its business strategies; the Group's ability to fund its future operations and capital needs through borrowing or otherwise; outcome of the exploration activities; increased operating costs; the Group's ability to obtain necessary regulatory approvals; competition in the markets where the Group operates; changes in tax rates; changes in accounting standards or practices; inflation and fluctuations in exchange rates; the impact of general business and global economic conditions; changes in political, economic, legal or social conditions in Thailand, Indonesia, or Laos; changes in the policies of the governments of Thailand, Indonesia, or Laos; and the Group's success in identifying other risks relating to its business and managing the risks relating to the aforementioned factors.
Any forward-looking statements in this announcement reflect the Group's or, as applicable, the Directors' current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the Group's business, results of operations and growth strategy. Each forward-looking statement speaks only as of the date of this announcement. Subject to any obligations under applicable law, rules and regulations, neither Salamander nor the Directors undertakes any obligation to publicly update or review any forward-looking statement or other information contained in this announcement whether as a result of new information, future developments or otherwise. All subsequent written and oral forward-looking statements attributable to the Group or individuals acting on behalf of the Group are expressly qualified in their entirety by this paragraph.