Canadian operator Valeura Energy has exercised its purchase option to acquire Nong Yao field’s FSO Aurora, previously under lease from an Omni Offshore Terminals subsidiary.
The purchase price for the vessel is $19m which will be funded with the company’s cash resources upon completion of the transaction, anticipated in June 2024.
Given the pending expansion of the field and potential future developments, Valeura claimed that owning, as opposed to leasing the FSO would provide operational flexibility and allow it to optimise operating expenses.
Valeura became the owner of the Nong Yao field in the southern Gulf of Thailand through the acquisition of KrisEnergy International Holdings in 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.
