Loyz buying Thai oil concessions for US$65m

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.