Loyz buying Thai oil concessions for US$65m
It sees fast returns, positive cashflow from purchase
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UPSTREAM oil and gas group Loyz Energy will be acquiring a 20 per cent stake in three offshore oil-producing concessions in Thailand for US$65 million.
This marks Loyz's first foray into oil-producing concessions, which it reckons will deliver immediate returns and positive cashflows.
Loyz said yesterday that it will pay Carnavon Thailand, a subsidiary of Australia-listed exploration and production company Carnavon Petroleum, US$33 million. The remaining US$32 million will be funded through revenue from the producing wells at the three concessions.
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