Malaysia’s Dialog Group has come to an agreement with a Canadian energy company for the all-cash purchase of a majority interest in a producing oil complex onshore Thailand.
Dialog said the conditional agreement would see it acquire the entire equity interest in Pan Orient Energy for a cash consideration of US$38.7 million.
A subsidiary of Pan Orient holds a 50.01% operator interest in Pan Orient Energy (Siam), which is the operator of the multi-field Block L53/48 onshore Thailand.The other co-owner of Pan Orient Energy (Siam) is Thailand’s Sea Oil Energy.
Oil production from Block L53/48 was about 2700 barrels per day from seven fields in 2021, with plans to increase production in the future, said Dialog.
The current production offtake is to a local refinery, and the permit has proved plus probable oil reserves of 4.6 million barrels as at 31 December 2021.
The Malaysian buyer…
