Valeura Energy Inc. (TSX:VLE, LSE:VLU) ("Valeura" or the "Company") is delighted to report that the acquisition of KrisEnergy International (Thailand) Holdings Ltd.'s whole share capital, announced on April 28, 2022 (the "Acquisition"), has been completed.
Through its subsidiaries, Valeura is now the holder of an 89% operated working interest in Licence G10/48 containing the Wassana oil field and a 43% operated working interest in the planned Rossukon oil field development in Licence G6/481, in addition to its pre-existing interest in the Thrace basin tight gas appraisal play in Turkey. The Company’s acquisition of the Mobile Offshore Production Unit Ingenium (“MOPU”)1 on location at the Wassana oil field, is proceeding as expected, according to the agreed phased payment schedule.
Upward revisions to reserves and resources in Licences G10/48 and G6/48 as released on June 13, 2022 have contributed to a significant increase in value associated with the Acquisition as compared to initial expectations.
Interests in Licence G10/48, Licence G6/48 and the MOPU are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle, Panthera Resources Pte. Ltd., in which Valeura holds 85% of the share capital.
Sean Guest, President and CEO of Valeura commented:
“I am delighted to complete our acquisition of these Gulf of Thailand assets within just seven weeks of agreeing to the deal, and we look forward to building relationships with our new partners and regulators as we establish our operating credentials in Thailand. I am also pleased to welcome approximately 30 staff to the Valeura team, as we begin the process of integrating this highly capable Thailand-based operating unit with our business.
Our highest priority is to re-activate production operations at the Wassana field. Work is already underway to complete the commercial arrangements and MOPU re-certification that will enable the resumption of oil production at a rate of approximately 3,000 bbls/d, net to the acquired interest, in Q4 2022. At the same time, we are actively engaged in discussions with both partners and regulators regarding the Rossukon oil field development, and will share additional details when we take a final investment decision, anticipated later this year.
We remain focused on increasing shareholder value by further growing our business inorganically, as well as progressing our tight gas appraisal play in Turkey.”
UK Listing Update
The Acquisition constitutes a reverse takeover for the purposes of the Listing Rules of the Financial Conduct Authority (“FCA”) and the Company has requested, in accordance with the Listing Rules, that the listing of the Company’s common shares (the “Shares”) on the standard segment of the Official List and trading in the Shares on the London Stock Exchange’s main market for listed securities should be cancelled with effect from 8:00 a.m. UK time on or about July 14, 2022.
The Company’s management continues to believe a listing on a London stock exchange will support Valeura’s long-term strategy and can provide greater access to international investors. Valeura intends to continue to evaluate the merits of re-listing in London and will update shareholders in due course.
Meanwhile, interests in the Shares purchased on the London Stock Exchange are fully fungible and can be transferred from the UK depositary to the Canadian depositary to be traded on the Toronto Stock Exchange, where the Shares continue to trade as usual. Shareholders interested in transferring their Shares should contact their broker or nominee to coordinate such a transaction with the Company’s registrar.