Carnarvon Petroleum Ltd. has entered into a sale and purchase agreement (SPA) to divest its remaining 20% interest in the Thailand oil production concessions L44/43, L33/43 and SW1A.

Carnarvon has agreed to sell its remaining 20% interest in its Thai assets to the Berlanga Group for a total cash consideration of $58.2 million. The amount includes working capital of about $8.2 million, subject to final completion adjustments.

The SPA was entered into with Berlanga Thailand Ltd., a member of the Berlanga Group, and a deposit of $2.0 million was received by Carnarvon upon signing the SPA.

The SPA is subject to satisfaction of standard terms and conditions, including receiving joint venture partner consents, executing completion documents and payment of the consideration. Completion is currently scheduled to occur on or before Feb. 16, 2015.

Carnarvon retains its $32 million receivable in the Thai assets, agreed to as part of the Loyz transaction announced in March 2014.