Thoresen Thai Agencies, best known for its dry bulk fleet, has announced its strategic plan to expand its investment holdings into the upstream oil production business by its recent open-market acquisition of a 10.14% stake in Valeura Energy, becoming the second largest shareholder in the process.
Valeura Energy, a Canada-incorporated upstream company listed on the Toronto Stock Exchange, has become Thailand’s largest independent offshore crude oil producer.
Chalermchai Mahagitsiri, TTA president and CEO, said the investment in Valeura Energy “offers high potential upside and significant growth opportunities”.
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.