Salamander Energy has signed a non-binding heads of agreement with SONA to sell an effective 40% working interest in both the B8/38 concession (containing the Bualuang field) in the Gulf of Thailand and the surrounding G4/50 concession.
The deal would be worth US$280 million, comprising $250 million for a 40% effective interest in the B8/38 concession, and $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.
As at 31 December 2013, Salamander's estimated gross Bualuang Field 2P reserves were 32.7MM bbl and gross 2C resources were 32.3MM bbl.
Salamander says it continues a formal sale process, announced 1 May.
Read more: Bualuang production restarts