September 2016

3D processing is on-going with PGS in M-8
3D data is being processed by PGS. The processing is expected to be completed in October 2016.

April, 2016

2D Seismic survey 390 LKM Onshore Block MOGE-4 completed by Alphageo
390 LKM of 2D Seismic data have been acquired.

March 28, 2014

Myanmar announces offshore license winners (OilOnline)
While Myanmar is traditionally known to be a net importer of oil, it has the potential to hold undiscovered offshore oil and gas reserves. According to BP’s annual global analysis report 2012, Myanmar has a reported 7.8 trillion cubic feet of proven natural gas reserves, estimated to be worth 75 US billion. While a portion of this gas is located onshore, a significant portion is expected to be found in blocks located offshore.

Last year, Myanmar began the process of selecting a short list of foreign investors that would be given rights to explore the oil and gas resources in seas off the country’s coast. Of the many applicants, 61 companies were shortlisted. The winners of these blocks were announced on Wednesday.

Berlanga Holding B.V. won the offshore Block M-8, located in the shallow-water area south of the Irrawady River delta.

February 19, 2015

Carnarvon completes divestment of Thai oil production assets to Berlanga
(Scandinavian Oil And Gas Magazine)
Carnarvon Petroleum Limited has completed the divestment of its remaining 20 percent interest in the Thailand oil production concessions L44/43, L33/43 and SW1A (Thai assets).

As announced Dec. 4, 2014 Carnarvon agreed to sell its remaining 20 percent interest in its Thai assets to the Berlanga Group for a base consideration of $50 million plus final completion adjustments. In addition, Carnarvon retains its $32 million receivable in the Thai assets, agreed to as part of the Loyz transaction announced in March 2014.

Managing Director and CEO, Adrian Cook said, “We are pleased to have completed another important step in transitioning the Company into a well funded and well resourced North West Shelf focused business. I’d personally like to thank the Carnarvon team for their support in reshaping the vision and strategy of the Company and for working tirelessly on completing this transaction in very challenging industry conditions. Carnarvon now has the cash to ensure it can add value in the Phoenix area through further exploration and appraisal activities, fund ongoing corporate costs through the $32 million receivable linked to Thailand oil field revenue and grow the business through further exploration activities, such as those relating to its 100 percent held Cerberus blocks in the Carnarvon Basin.”

December 7, 2014

MOGE, oil companies sign production sharing contract for M-8 Mottama offshore block
(Global New Light Of Myanmar)

December 4, 2014

Carnarvon Sells Thailand Assets To Berlanga Group
(E&P Magazine)
Carnarvon Petroleum Ltd. has entered into a sale and purchase agreement (SPA) to divest its remaining 20% interest in the Thailand oil production concessions L44/43, L33/43 and SW1A.

Carnarvon has agreed to sell its remaining 20% interest in its Thai assets to the Berlanga Group for a total cash consideration of $58.2 million. The amount includes working capital of about $8.2 million, subject to final completion adjustments.

The SPA was entered into with Berlanga Thailand Ltd., a member of the Berlanga Group, and a deposit of $2.0 million was received by Carnarvon upon signing the SPA.

The SPA is subject to satisfaction of standard terms and conditions, including receiving joint venture partner consents, executing completion documents and payment of the consideration. Completion is currently scheduled to occur on or before Feb. 16, 2015.

Carnarvon retains its $32 million receivable in the Thai assets, agreed to as part of the Loyz transaction announced in March 2014.

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