The company announced earlier this year that SIP decided to take a stake in Octanex worth US$5 million.
SIP now owns about 21% of the shares in Octanex, and will now subscribe for another $12 million in convertible notes in three equal tranches.
The parties are set to jointly pursue upstream oil and gas ventures in Malaysia, Indonesia and the Philippines.
This moves Octanex from an exploration-focused player to a producer.
“Our
