KUALA LUMPUR (June 2): Sona Petroleum Bhd has received letters from Santos Offshore Pty Ltd and Quadrant Northwest Pty Ltd in relation to the termination of the US$25 million (about RM104 million) sale and purchase agreement (SPA) for the Stag oilfield assets.

To recap, the special purpose acquisition company had earlier proposed to buy a 100% stake in the Stag oilfield located offshore Western Australia from Santos and Quadrant as its qualifying acquisition (QA). However, Sona's shareholders had rejected the proposed acquisition at the company's extraordinary general meeting held on April 26.

In a filing with Bursa Malaysia today, Sona said the company has received the letters from Santos and Quadrant that the SPA is terminated with immediate effect.

"Accordingly, the SPA in relation to the proposed acquisition is terminated with effect from June 2, 2016," it added.

In June 2014, Sona had proposed to acquire two oil and gas blocks from London-listed oil exploration and production firm Salamander Energy plc in the Gulf of Thailand for US$280 million, but the plan was scrapped following London-listed Ophir Energy plc's proposal to buy Salamander via a share swap.

The deadline for the company to complete its QA is July 30.

Sona shares closed unchanged at 45.5 sen today for a market capitalisation of RM641.87 million.