Bulker owner Thoresen Thai Agencies (TTA) has taken a bet on the oil production sector with a substantial investment in Canada’s Valeura Energy.
Valeura has become Thailand’s largest independent offshore crude producer.
Bangkok-listed TTA has acquired a 10.14% stake in the open market, making it the second-biggest investor in Valeura after Baillie Gifford.
Valeura Energy, a Canada-incorporated upstream company listed on the Toronto Stock Exchange, has become Thailand’s largest independent offshore crude oil producer with average production of 22,100 bbls/d in Q2/2023 and 2P reserves of 29 mbbls at year-end 2022 after the acquisition of stakes in several producing oilfields.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
