Carnarvon Petroleum Limited has entered into a Sale and Purchase Agreement (SPA) to divest its remaining 20% interest in the Thailand oil production concessions L44/43, L33/43 and SW1A (Thai assets).

Carnarvon has agreed to sell its remaining 20% interest in its Thai assets to the Berlanga Group for a total cash consideration of US$58.21 million (A$68.5 million2). The above amounts include working capital of approximately US$8.2 million, subject to final completion adjustments.

The SPA was entered into with Berlanga Thailand Limited, a member of the Berlanga Group, and a deposit of US$2.0 million (A$2.3 million2) was received by Carnarvon upon signing the SPA.

Tags: Carnarvon Petroleum Limited