World’s Biggest Wealth Fund Among Reach Energy Investors

October 5, 2014

Can all the SPACs give me a direct line into insider trading opportunities?

Dateline 2014-07-24, Bloomberg Businessweek:

Malaysia’s Reach Energy Bhd. has attracted investors including Norway’s $890 billion sovereign wealth fund in an initial public offering to fund its acquisitions of oil and gas fields.

Norges Bank Investment Management, the world’s largest sovereign wealth fund, and Malaysia’s pilgrim fund will invest in the 750 million-ringgit ($237 million) IPO, Managing Director Shahul Hamid Mohd Ismail said in a July 21 interview. Norway’s wealth fund will own a substantial stake in the special-purpose acquisition company, he told reporters today.

Rising energy demand is spurring companies such as Reach Energy to buy and develop smaller oil and gas fields ignored by their larger international counterparts. Malaysia’s Sona Petroleum Bhd. (SONA), also a special-purpose acquisition company, finalized an agreement this week to buy a stake in two Thai oil and gas blocks of U.K.-based Salamander Energy Ltd. (SMDR)

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Sona Petroleum signs SPA with UK-listed Salamander

October 3, 2014

Dateline 2014-07-22, The Malaysian Reserve:

Sona Petroleum Bhd is a step closer to concluding its maiden oil and gas (O&G) asset acquisition before year end after signing the Sale and Purchase Agreement (SPA) with UK listed Salamander Energy plc and Salamander Energy (Bualuang) Ltd (SEBG) for the purchase of a share in a brownfield asset off Thailand.

The SPA in relation to the proposed acquisition of shares of SEBG would give Sona 40% effective interest in SEBG’s Thai O&G blocks of B8/38 and G4/50, at a cost of of US$281.2 million (RM893.09 million) to Sona with the additional US$1.2 million representing 66.67% of the agreed net working capital amount in SEBG as at Jan 1, 2014.

Sona will do the deal via its wholly owned unit Sona Exploration and Production (Thailand) Ltd.

The acquisition will be funded with US$141.2 million cash raised from initial public offering in July 2013, and a bridging loan of US$140 million from BNP Paribas and the RHB Banking Group.

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UK’s Salamander Energy enters Malaysia with shallow-water PSC

February 2, 2014

Oil in the middle of the Straits of Malacca? There goes the Jembatan Selmel Bridge… and I can see a customs station on the CPP.

Dateline 2013-12-11, Platts:

UK-listed Salamander Energy has inked a production sharing contract for a block offshore Peninsular Malaysia, marking its debut in the country.

Salamander will operate the PSC for block PM322 in the Malacca Straits offshore west coast Peninsular Malaysia with 85% interest, the Southeast Asia-focused company said in a statement Wednesday.

The block is located in shallow water and spans about 20,000 sq km. It contains the Port Klang oil discovery made by Sun Oil in 1991, Salamander said.

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