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Pan Orient Energy provides further update on Thailand transaction


Published Jan 15, 2015
Pan Orient Energy Corp.

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).

Tags: Pan Orient Energy Corp.




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