Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/pan-orient-energy-provides-further-update-on-thail.shtmlPan Orient Energy provides further update on Thailand transaction
On November 5, 2014 Pan Orient Energy Corp. had entered into an agreement for the sale of a 50-per-cent equity interest in
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On November 5, 2014 Pan Orient Energy Corp. had entered into an agreement for the sale of a 50-per-cent equity interest in subsidiary Pan Orient Energy (Siam) Ltd. to a wholly owned subsidiary of Sea Oil Public Company Limited (Sea Oil), of Thailand, for a cash price of USD $42.5 million (CDN $48.3 million), including a working capital adjustment of USD $2.4 million (CDN $2.7 million).
Pan Orient Energy (Siam) Ltd. holds Pan Orient's 100% interest in Concession L53/48 in Thailand. It is anticipated that net proceeds to Pan Orient, after closing adjustments and costs will be approximately USD$40.9 million (CDN $46.5 million).
