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CWX Global wooed by suitor for 20% Thai oilfield stake
CATALIST-LISTED investment firm CWX Global could be selling off its minority stake in a Thai oilfield, in a non-binding expression of interest received and disclosed on Tuesday.
An unnamed national oil company is looking to buy out CWX's 20 per cent interest in oil concessions in the Phetchabun Basin, "subject to final due diligence and obtaining necessary approvals", the board has said.
But it added the group has not inked any agreements with the oil company "and that there is no certainty that definitive agreements and/or documents will be entered into in connection with the potential acquisition, or that the potential acquisition will proceed and/or be completed".
CWX had said in its third-quarter financial statements that it would work to raise oil production volume and revenue, with plans for another drilling campaign in the second half of 2019.