Santos International Ventures Pty. Ltd. has exercised an option under which Santos and a third party will acquire a combined 70% shareholding in Somon Oil CJSC, a Tajikistan company.
The other 30% of Somon Oil is owned by DWM Petroleum AG, a subsidiary of Manas Petroleum Corp., Baar, Switzerland, 20%, and Anavak LLC 10%.
The acquisition is subject to certain transaction documents being agreed and completed including a farmin agreement and a shareholder agreement. DWM, Santos, and the third party are in advanced negotiating stages and expect to sign the transaction documents by Sept. 6, 2012.
Somon Oil has issued tenders for long lead items and an expression of interest for a drilling rig and bundled wellsite services in preparation for its forthcoming drilling program in Tajikistan.