RCS - Valeura Energy Inc. - Wassana Oil Storage Vessel

Parkson Retail AsiaAnnouncement

30/11/2022 13:30

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RNS Number : 1095I  Valeura Energy Inc.  30 November 2022

Wassana Oil Storage Vessel

Calgary, November 30, 2022: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the
"Company"), the upstream oil and gas company with assets offshore Gulf of
Thailand and the Thrace Basin of Turkey is pleased to announce that it has
entered into a definitive agreement with PT Samudra Alam Transport, a
subsidiary of PT Buana Lintas Lautan Tbk, to charter a crude oil tanker to
store oil produced from the Wassana oil field, offshore Gulf of Thailand, as
previously announced on November 11, 2022.  The vessel is expected to be
renamed MT Jaka Tarub (previously MT Vula).

The MT Jaka Tarub is a Panamax sized oil tanker, with storage capacity of
460,000 bbls.  Following cleaning and modification work scheduled for
December 2022, the vessel will be made compatible with the Wassana field's
mooring and crude oil offloading systems.

Pending customs clearance, the MT Jaka Tarub is expected to arrive at the
field in early January 2023.  Valeura intends to resume production operations
as soon as practicable thereafter, targeting initial oil production rates of
up to 3,000 bbls/d, net to the 89% working interest held by its special
purpose vehicle subsidiary, Valeura Energy Asia Pte. Ltd.

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 (mailto: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 (mailto:IR@valeuraenergy.com)

 

Auctus Advisors LLP (Corporate Broker to
Valeura)                                 +44
(0) 7711 627 449

Jonathan Wright

Valeura@auctusadvisors.co.uk (mailto:Valeura@auctusadvisors.co.uk)

CAMARCO (Public Relations, Media Adviser to Valeura)
      +44 (0) 20 3757 4980

Owen Roberts, Billy Clegg
Valeura@camarco.co.uk (mailto:Valeura@camarco.co.uk)

 

About the Company

Valeura Energy Inc. is a Canada-based public company engaged in the
exploration, development and production of petroleum and natural gas in
Thailand and in Turkey, and is pursuing further inorganic growth in Southeast
Asia.

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news 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 news release includes, but is not limited
to: the timing of the cleaning and modification work scheduled for the MT Jaka
Tarub vessel, the timing for arrival of the MT Jaka Tarub vessel at the
Wassana oil field; statements with respect to the timing for resumption of
production operations at the Wassana oil field; the anticipated oil production
rates from the Wassana oil field; and statements with regard to the Company's
growth strategy.

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; political stability of the areas
in which the Company is operating; continued safety of operations and ability
to proceed in a timely manner; continued operations of and approvals
forthcoming from governments and regulators in a manner consistent with past
conduct; future drilling activity on the required/expected timelines; the
prospectivity of the Company's lands; the continued favourable pricing and
operating netbacks; future production rates and associated operating netbacks
and cash flow; decline rates; future sources of funding; future economic
conditions; future currency exchange rates; the ability to meet drilling
deadlines and other requirements 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, stimulation and other specialised oilfield equipment
and service providers, changes in partners' plans and unexpected delays and
changes in market 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 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; evolving impacts of the COVID-19 pandemic including
disruptions in global supply chains; the increase in activity in the global
oil and gas industry and the impact on access to equipment; 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 future development plans; 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 AIF for a
detailed discussion of the risk factors.

The forward-looking information contained in this news 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
(https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00014898)
.

 

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