TIDMVLU
RNS Number : 0133P
Valeura Energy Inc.
15 June 2022
CLOSING OF GULF OF THAILAND ACQUISITION
Calgary, June 15, 2022: Valeura Energy Inc. (TSX:VLE, LSE:VLU)
("Valeura" or the "Company") is pleased to announce it has
completed the acquisition of the entire share capital of KrisEnergy
International (Thailand) Holdings Ltd., as announced on April 28,
2022 (the "Acquisition").
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 G6/48(1) , 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.
(1) 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.
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries) +1 403 237
7102
Sean Guest, President and CEO
Heather Campbell, CFO
Contact@valeuraenergy.com
Valeura Energy Inc. (Capital Markets / Investor Enquiries) +1 403 975 6752
Robin James Martin, Investor Relations Manager +44 7392 940495
IR@valeuraenergy.com
Auctus Advisors LLP (Corporate Broker to Valeura) +44 (0) 7711
627 449
Jonathan Wright
Valeura@auctusadvisors.co.uk
CAMARCO (Public Relations, Media Adviser to Valeura) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg
Valeura@camarco.co.uk
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this new release constitutes
forward-looking information under applicable securities
legislation. Such forward-looking information is for the purpose of
explaining management's current expectations and plans relating to
the future. Readers are cautioned that reliance on such information
may not be appropriate for other purposes, such as making
investment decisions. Forward-looking information typically
contains statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project",
"target" or similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information in this new
release includes, but is not limited to: the Company's ability to
complete the commercial arrangements required to facilitate
resuming production from the Wassana field in Q4 2022; expected
production from the Wassana field; statements with respect to
achieving final investment decision for the Rossukon field in the
coming months; statements with regard to the Company continuing to
grow its business through the Mergers and Acquisitions market and
progressing its appraisal of the tight gas play in Turkey; and
evaluating the merits of re-listing in London
Forward-looking information is based on management's current
expectations and assumptions regarding, among other things: the
ability to successfully re-start production from the Wassana field
in Q4 2022; political stability of the areas in which the Company
is operating; ability to achieve regulatory approvals in the normal
course; continued safety of operations and ability to proceed in a
timely manner; the ability to identify attractive merger and
acquisition opportunities to support growth; the prospectivity of
the tight gas appraisal play; future sources of funding; future
economic conditions; future currency exchange rates; the ability to
meet drilling deadlines and fulfil commitments under licences and
leases and the Company's continued ability to obtain and retain
qualified staff and equipment in a timely and cost efficient
manner. In addition, the Company's work programmes and budgets are
in part based upon expected agreement among joint venture partners
and associated exploration, development and marketing plans and
anticipated costs and sales prices, which are subject to change
based on, among other things, the actual results of drilling and
related activity, availability of drilling, high-pressure
stimulation and other specialised oilfield equipment and service
providers for onshore and offshore operations, changes in partners'
plans and unexpected delays and changes in market or regulatory
conditions. Although the Company believes the expectations and
assumptions reflected in such forward-looking information are
reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and
unknown risks and uncertainties. Exploration, appraisal, and
development of oil and natural gas reserves and resources are
speculative activities and involve a degree of risk. A number of
factors could cause actual results to differ materially from those
anticipated by the Company including, but not limited to: the
ability of management to execute its business plan or realise
anticipated benefits from the Acquisition; inability to secure a
new partner for the tight gas appraisal play in Turkey and execute
potential mergers and acquisitions; evolving impacts of the
COVID-19 pandemic including disruptions in global supply chains;
the Company's ability to manage growth; the Company's ability to
manage the costs related to inflation; uncertainty in capital
markets and ability to raise debt and equity, as required,
particularly for companies with a small market capitalisation; the
ability to finance future development and/or inorganic growth; the
risks of currency fluctuations; changes in oil and gas prices and
netbacks in Thailand and Turkey; potential changes in joint venture
partner strategies and participation in work programmes; potential
assertions of pre-emptive rights by a partner or potential disputes
with a partner in connection with the Acquisition; uncertainty
regarding the contemplated timelines and costs for offshore
development plans in Thailand and the tight gas appraisal play
evaluation in Turkey; the risks of disruption to operations and
access to worksites (including the impact of the COVID-19
pandemic); the ability of the Company to maintain its directors,
senior management team and employees with relevant experience;
potential changes in laws and regulations, and the uncertainty
regarding government and other approvals; counterparty risk; the
ability of the Company to maintain effective ICFR; counterparty
risk; risks associated with weather delays and natural disasters;
and the risk associated with international activity. The
forward-looking information included in this new release is
expressly qualified in its entirety by this cautionary statement.
See the Company's annual information form for the year ended
December 31, 2021 for a detailed discussion of the risk
factors.
The forward-looking information contained in this new release is
made as of the date hereof and the Company undertakes no obligation
to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
unless required by applicable securities laws. The forward-looking
information contained in this new release is expressly qualified by
this cautionary statement.
Additional information relating to Valeura is also available on
SEDAR at www.sedar.com .
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR") which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018. Upon the publication of this Announcement, this inside
information is now considered to be in the public domain.
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END
MSCGPUBGQUPPGWA
(END) Dow Jones Newswires
June 15, 2022 09:25 ET (13:25 GMT)
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