Valeura Energy completes transformative Gulf of Thailand acquisition

Valeura Energy Inc (TSX:VLE), the upstream oil and gas company with assets in the offshore Gulf of Thailand and the Thrace Basin of Turkey, has announced completion of its transformative Gulf of Thailand acquisition, as announced on December 6, 2022.

Through its wholly-owned subsidiary, Valeura Energy Asia Pte. Ltd, Valeura is now the holder of a 100% operated interest in Licence B5/27 containing the Jasmine and Ban Yen oil fields, a 90% operated working interest in Licence G11/48 containing the Nong Yao oil field, and a 70% operated working interest in Licence G1/48 containing the Manora oil field.  All net economic benefits accumulated from September 1, 2022 are included within the acquired entity.

Sean Guest, President and CEO commented:

“I am delighted to have closed this transaction and grateful to the many individuals involved throughout the acquisition process culminating in this milestone.  I would also like to welcome our new staff to the Valeura organisation, and look forward to charging ahead together as the largest independent oil producer in Thailand. 

With our expanded asset base, we can now begin to realise synergies across our operations, unlocking even more value for our stakeholders, while remaining mindful of our primary focus on safe, reliable operations.  At the same time, our growth ambitions remain at the core of our forward strategy.  We intend to pursue the organic growth opportunities within our portfolio, as well as further inorganic opportunities in Southeast Asia.”

Valeura has commissioned Netherland, Sewell & Associates, Inc. to conduct a reserves and contingent resources evaluation for all of its Thailand assets effective December 31, 2022, and will publish results in due course.

Full Year 2022 Results

Valeura Energy intends to announce its consolidated financial and operating results for Q4 2022 and for the year ended December 31, 2022 before markets open on March 30, 2023. 

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Valeura Energy

More articles like this

Valeura Energy

Valeura Energy’s Nong Yao C development project

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

Valeura Energy

Valeura Energy Q2 2024 key highlights and insights

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

Valeura Energy

Valeura Energy’s role in the natural gas industry

In recent years, natural gas has increasingly been recognised as a pivotal component of the global energy mix. As the world transitions towards cleaner energy solutions, natural gas stands out for its efficiency, reliability, and lower

Valeura Energy

Pioneering innovation in the evolving oil and gas sector

Valeura Energy Inc. operates within the dynamic and increasingly pivotal oil and gas sector, a cornerstone of global energy infrastructure. This industry is currently witnessing a transformative phase, driven by advancements in technology, shifts towards cleaner

Valeura Energy

Valeura Energy completes acquisition of Aurora FSO vessel

Valeura Energy Inc. has successfully completed the acquisition of the Aurora FSO vessel from a subsidiary of the Omni Offshore Terminals group. This vessel is currently stationed at Valeura’s Nong Yao Field development in the Gulf

Valeura Energy

Valeura Energy’s role in the energy sector transformation

The global energy sector is undergoing a dynamic transformation, driven by technological advancements and a growing emphasis on sustainability. As nations strive to meet their energy needs while reducing carbon emissions, the oil and gas industry