Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Valeura Energy Acquires Gulf of Thailand Assets.

Document Cited in Related
Vincent

MANews-(C)2009-2022

Canada-based oil and gas explorer Valeura Energy Inc. (TSX: VLE) (LSE: VLU) has entered into a sale and purchase agreement with KrisEnergy Ltd to acquire all of the shares of KrisEnergy International (Thailand) Holdings Ltd, which holds an interest in two operated licences offshore Thailand for total initial cash consideration of USD 3.1m, plus certain contingent payments of up to a further USD 7m relating to future development milestones, the company said.

Separately, Valeura has agreed to purchase an onsite Mobile Offshore Production Unit from Nora Ltd., for consideration of USD 9.2m which will be phased over approximately 14 months.

Valeura said it expects to fund both the SPA and the MOPU Purchase from cash on hand and from initial cash flows generated by the assets.

The deal gives the company new operating presence for the company in Thailand, a country with a long history of oil and gas development, attractive fiscal terms, and well-defined cost structures for production and development activities.

It will acquire working interests in two shallow water Gulf of Thailand licences: G10/48 licence (89% operated WI) presenting a near-term production reactivation opportunity of the Wassana oil...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT