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 provided an operations update.
Valeura is pleased to announce that it has increased its ownership stake of the special purpose vehicle subsidiary company, Valeura Energy Asia Pte. Ltd. (the “SPV”) from 85% to 87.5% as the result of Valeura’s cumulative cash contributions to the SPV. For clarity, the SPV is the corporate entity through which Valeura conducts all of its Thailand business. Accordingly, this increased ownership stake applies to the entire portfolio of Thailand assets, whether owned or proposed to be acquired by Valeura.
Wassana Oil Field
Valeura has received formal notification of the recertification of its Mobile Production Unit Ingenium, thereby enabling its ongoing use as the production and processing facility for crude oil from the Wassana oil field on Licence G10/48, offshore Gulf of Thailand. Separately, further to the announcement of November 20, 2022, the MT Jaka Tarub crude oil storage vessel is currently undergoing planned modifications in dry dock, which are expected to be completed in early February, after which the vessel will mobilise to the Wassana field. Once on location, Valeura intends to resume production operations, targeting initial oil production rates of up to 3,000 bbls/d with plans to increase production to 4,500 bbls/d thereafter as a result of the five well infill drilling campaign planned to commence in Q2 2023. All production figures are net to the 89% working interest in Licence G10/48 held by the SPV.
As announced on December 6, 2022, the SPV has agreed to acquire the Thailand upstream oil producing portfolio of Mubadala Energy, which includes several oil fields collectively producing approximately 21,200 bbls/d of oil, net to the interest being acquired (the “Acquisition”). All key workstreams are progressing in relation to satisfying the closing conditions and the Company anticipates that the Acquisition will close in Q1 2023 as previously announced.
Separately, planning work is underway in relation to the greenfield Rossukon oil field development on Licence G6/48, and the Company intends to provide further detail on the project once a final investment decision has been taken.