Under the terms of the agreement, Berlanga will acquire L44/43, L33/43 and SW1A concessions located in the Phetchabun basin about 300km north of Bangkok.

Upon completion of transaction, Carnarvon will focus on its North West Shelf acreage offshore Western Australia, where a work program is planned to be undertaken in 2015.

The agreement follows the sale of a 20% interest in the concessions to Singapore-based Loyz Energy for about $65m in March 2014.

Carnarvon Petroleum managing director and chief executive officer Adrian Cook said: "On completion of this transaction we will have realized $91 million in the past year from the sale of our Thailand interests with up to a further $32 million to be received in the future.

"With the sale, we are now entirely focused on maximising value in the North West Shelf of Western Australia. Upon completion of the sale we will have secured important funding for our future activities without diluting our shareholders’ interests or raising debt."

Oil & gas exploration firm Carnarvon is presently focusing on South East Asia and Australia.