Pan Orient Energy has delayed a transaction with Sea Oil for the sale of a 50% interest in its subsidiary.
Last year the companies agreed a deal worth $42.5million for the share of Pan Orient Energy (Siam) which holds a 100% interest in concession L53/48 in Thailand.
A spokesman said Sea Oil had requested additional time to complete certain closing conditions, including the Bank of Thailand approval for transfer of funds.
Pan Orient Energy said it anticipates proceeds of $40.9million after closing adjustments.
The deal transaction will now be delayed by three weeks.
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