Carnarvon Petroleum is selling half of its 40 per cent stake in its Thailand assets to Singapore-based Loyz Energy. The deal is worth A$72 million ($65 million). The concessions that are being sold are L44/43, L33/43, and SW1A. The fund will be utilised to fund the upcoming North West Shelf exploration and Phoenix South-1. Drilling in Phoenix South-1 is expected to begin in June 2014. With the stake sale, the company’s cash reserve is expected to exceed A$50 million. Loyz Energy has assets in various parts of the world: in the Williston basin in North Dakota and Whitewater in Colorado; in the Torquay basin in Western Australia; in the Taranaki basin in New Zealand; India; and the Philippines.
