Sona Petroleum adjourns EGM

From Left Dato Maznah AbdulJalil , Dato Sri hadian Hasim and Andreas Johannes at SONA PETROLEUM BHD. EGM press conference

KUALA LUMPUR: Sona Petroleum Bhd adjourned its extraordinary general meeting (EGM) today to allow shareholders time to understand the implication of the capital repayment possibility proposed for the acquisition of the Stag Oilfield offshore in Western Australia.

The EGM of the special purpose acquisition company will be held within a month to decide on the US$25mil acquisition.

Chairman Andreas Johannes Raymundus van Strijp said Sona Petroleum hoped to obtain the support of all its shareholders at the next EGM, possibly in the next one or two weeks.

"The reason for the adjournment of the EGM is because a number of our shareholders were not clear about the capital repayment possibility that we published last week.

"They felt they had not had enough time to fully understand the implication of that announcement and they want more details before they can vote," he told a two-minute press conference.

He said the company could not go into details with regards to the meeting as a formal statement was being drafted to Bursa Malaysia.

Last Friday, Sona Petroleum proposed a capital repayment of RM80 million for which shareholders approval was sought at today's EGM.

The proposed acquisition of the asset from Quadrant Northwest Pty Ltd and Santos Offshore Pty Ltd, intended as Sona Petroleums qualifying acquisition, would allow it to become an independent upstream oil and gas company. - Bernama
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