Completion of Transformative Gulf of Thailand Acquisition

Source Company Press Release
Company Valeura Energy Inc., Mubadala Petroleum LLC
Tags Corporate: Overview/Strategy, Country: Thailand, M&A: Corporate Deal, Deals, Upstream: Upstream News
Date March 22, 2023

Valeura Energy Inc. (TSX:VLE) (“Valeura” or the “Company”), the upstream oil and gas company with assets in the offshore Gulf of Thailand and the Thrace Basin of Turkey, is pleased to announce 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.

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