Thoresen Thai Agencies Public Company Limited or TTA 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 Inc. (Valeura Energy) and becomes the second largest shareholder.
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 purchased interests in the Jasmine (B5/27, 100%), Nong Yao (G11/48, 90%), and Manora (G1/48, 70%) oilfields from Mubadala Petroleum Thailand in December 2022 and the Wassana (G10/48, 100%) oilfield from KrisEnergy Thailand in April 2022.
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.
