Valeura Energy has signed a sale and purchase agreement with KrisEnergy to acquire all its Thai operations, the Canadian independent announced on Thursday.
The USD 3.1-million deal will see the entering company take an 89% operating stake in the G10/8 licence and a 48% operating stake in the G6/48 licence. Valeura Energy will pay an additional USD 7 million relating to future development milestones.
Block G10/8 contains the suspended Wassana oilfield and Block G6/48 contains the fully appraised Rossukon field. Both shallow-water blocks are in the Gulf of Thailand.
Valeura Energy Inc (LON:VLU) 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.