Mr. Jeff Chisholm reports
PAN ORIENT ENERGY CORP.: THAILAND TRANSACTION UPDATE
Pan Orient Energy Corp. had entered into an agreement for the sale of a 50-per-cent equity interest in subsidiary Pan Orient Energy (Siam) Ltd. to a wholly owned subsidiary of Sea Oil Public Company Ltd., of Thailand, for a cash price of $42.5-million (U.S.) ($48.3-million), including a working capital adjustment of $2.4-million (U.S.) ($2.7-million). Pan Orient Energy (Siam) Ltd. holds Pan Orient's 100-per-cent interest in concession L53/48 in Thailand. It is anticipated that net proceeds to Pan Orient, after closing adjustments and costs, will be approximately $40.9-million (U.S.) ($46.5-million).
Pan Orient has been informed by Sea Oil that at the extraordinary general meeting of Sea Oil shareholders held on Dec. 17, 2014, in Bangkok, it was resolved to approve the acquisition of 50 per cent of the shares of Pan Orient Energy (Siam) Ltd., with 99.91 per cent of the Sea Oil shareholders voting in favour of the transaction.
The transaction is anticipated to close on or about Jan. 12, 2015.
We seek Safe Harbor.
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