KUALA LUMPUR: Malaysia’s largest special-purpose acquisition company (SPAC) Sona Petroleum Bhd is looking at a few proposals, among them from African exploration and production vendors, to make its first qualifying asset (QA) either in the late development or production life cycle of the oil and gas (O&G) sector.
Asked whether Sona Petroleum had received proposals from African vendors, managing director Datuk Seri Hadian Hashim said “yes”, adding that the company was now going through the usual process of evaluating these proposals.
“Based on O&G numbers, Africa is a very important market. It makes up some 8% of the world’s oil reserves. Meanwhile, gas reserves make up some 7% of the world,” said Hadian.
Asked whether it would be too expensive for Sona Petroleum to buy into its QA at the current oil price of US$104 (RM336), Hadian said that he expected oil prices to stabilise closer to the US$100 (RM323) mark by year-end.
notes : Sona is currently trading at 43 sen as on wed 31 aug 2013
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