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Key Criteria of SPAC

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Audit Committee

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Sona Petroleum Berhad (“Sona Petroleum”) was formed by a group of experienced senior executives who are active in the oil and gas industry, in particular, Exploration and Production (“E&P”). The Company intends to seek for attractive E&P assets as its Qualifying Acquisition (“QA”), focusing mainly on production assets in the regions of Southeast Asia, Middle East and selected countries in Africa, namely Algeria, Angola, Chad, Republic of Congo, Ethiopia, Kenya, Mozambique, Nigeria, United Republic of Tanzania and Uganda. Once its QA is completed, the Company intends to operate as an independent E&P company

Exploration phase

The first major opportunity for value creation for an E&P company takes place in the exploration phase when there is a discovery of oil and gas resources. The extent of value creation from the exploration would depend on the quantity and quality of the discovery.

Development phase

Once oil and gas resources have been discovered, the E&P company will proceed to carry out field development studies, define the development of the asset and formulate an extensive FDP, including the design specifications, timing and cost estimates, for approval by the government of the country in which the asset is located. With the Field Development Plan (“FDP”) approved, the E&P company develops the asset towards the production of first oil and gas.

Production phase

As the asset progresses towards production in accordance with the approved FDP, the project uncertainty is reduced, resulting in better assessment of the value of the asset. The full value of the asset may not be realised in the event of unforeseen delays due to, amongst others, adverse weather conditions and unfavourable social and political developments.

Subsequent to first oil, the value of the asset may change depending on the quantity of reserves, production performance, operating costs and market conditions. The Management Team will carry out due diligence and implement the necessary actions and endeavour to improve the asset value which could include efforts to improve declining production, reduction of downtime, cost reductions and others.

Proposed Acquisition of Stag Oilfield  Presentation Slides   |   Video


Sona Petroleum
Sona Petroleum Berhad was formed by
a group of experienced senior professionals
who are passionate about and are active in
the oil and gas industry.

Sona Petroleum Berhad
(formerly known as Titanium Windfall Sdn Bhd)
Level 24, Menara 3 PETRONAS,
Persiaran KLCC, Kuala Lumpur City Centre,
50088 Kuala Lumpur, Malaysia
Tel: +6 03 2164 3318
Fax: +6 03 2164 3691

©2014 Sona Petroleum Berhad (Company No. 945626-P)