Pan Orient Energy (Siam) Ltd. announced a private placement of 9,863 shares at THB 157,972.2194 per share for gross proceeds of not more than THB 1,558,080,000 with new investor, Sea Oil Public Company Limited on November 5, 2014. The investor entered into share purchase agreement with the company and existing investor. The company will issue 7,728 new shares and investor will acquire 2,135 existing ordinary shares from existing investor, Pan Orient Petroleum Company Pte. Limited. The investor will acquire approximately 49.99% of the total issued and paid-up shares of the company. Pan Orient Petroleum Company Pte. Limited presently holds 100% stake of the company. The shares to be issued have par value $1 (THB 32.46) per share and will be issued at share premium of THB 157,939.7594. The capital of the company will increase from $19,728 (THB 640,370.88). The transaction is subject to approval from the shareholders meeting of the investor held on December 17, 2014. The investor is required to disclose information regarding the transaction on Stock Exchange of Thailand, to appoint a financial advisor and to hold shareholders' meeting to consider and approve the transaction. The transaction has been approved at board of directors' meeting of the investor. RHB OSK Securities (Thailand) Public Company Limited will act as financial advisor and Hunton & Williams (Thailand) Ltd. will act as legal advisor to the investor. DFDL will serve as legal advisor to Pan Orient Petroleum Company Pte. Limited. The transaction is expected to close by January 12, 2015. The conversion was made as $1= THB 32.46 through as per Thailand Stock Exchange filing on October 2014.

The company generated total revenues of CAD 30,61,000 (THB 87,794,200), total assets of CAD 82,890,000 (TBH 2,377,410,000), total current liabilities of CAD 70,380,000 (TBH 2,018,610,000), total equity of CAD 14,510,000 (TBH 416,169,000), loss before income tax expense of CAD 4,980,000 (TBH 142,834,000), and net loss of CAD 1,71,000 (TBH 4,904,550) for the year ended December 31, 2013. The conversion was made through www.oanda.com on November 5, 2014.

On December 17, 2014, the company announced that the transaction has been approved by shareholders of the investor at its extraordinary general meeting.

On January 12, 2015, the company announced that the investor requires additional time to complete certain closing conditions to be satisfied. The closing of the transaction has been extended for up to three weeks.