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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Malaysia’s Sona May Buy Indonesian Oilfield For RM418m

January 25, 2014

Bargain, I would have thought. Malaysian Digest, dateline 2013-12-09:

Sona Petroleum Bhd, an oil and gas (O&G) cash shell, has identified a new oil field asset in Indonesia to buy after failing to clinch a deal in September.

Sources claim that Sona Petroleum is looking to buy a 100% stake in a Sumatra oilfield which is producing 1,500 barrels of oil per day. The oilfield is also said to have the capability of ramping up production to 4,000 barrels a day.

Sona Petroleum is currently conducting a due diligence on the assets and if it is favourable expects to conclude the deal by early next year. Sona Petroleum has been actively scouring for oilfields. It had reviewed one in Australia, but had since abandoned the idea.

Back in September, there was wide speculation that Sona was looking to take up a stake in Singapore-listed RH Petrogas Ltd, an O&G company controlled by Sarawak tycoon Tan Sri Tiong Hiew King. However that deal didn’t come through.

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