Salamander has signed a non-binding HoA with SONA to sell an effective 40% working interest in both the B8/38 concession (containing the Bualuang Field) and the surrounding G4/50 concession for a total cash consideration of US$280 million (together the "Transaction").
Under the terms of the Transaction:
◾ SONA will pay Salamander US$250 million for a 40% effective interest in the B8/38 concession
◾ SONA will pay Salamander US$30 million for a 40% effective interest in the G4/50 exploration concession
◾ Salamander will carry SONA's costs associated with the drilling of two exploration wells in the G4/50 concession up to an agreed cap
◾ SONA will pay Salamander a contingent cash payment in the event of a commercial discovery in G4/50 of up to $15 million