Valeura Energy joins Thailand’s upstream sector

Thailand

BANGKOK, May 2, 2022 – 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.

The company’s total proven and probable reserves are 4 million boe, in addition to estimated unrisked resources of 13.3 million boe.

Planned restart of operations on the Wassan field are expected in Q4 2022, with expected flow rates of around 3,000 bopd.

The company also agreed to purchase an onsite mobile offshore production unit from Nora for USD 9.2 million, with payment phased over around 14 months.