RCS - Valeura Energy Inc. - Wassana Storage Vessel Update

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21/03/2023 08:15

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RNS Number : 6875T  Valeura Energy Inc.  21 March 2023

Wassana Storage Vessel Update

Calgary, March 21, 2023: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the
"Company"), the upstream oil and gas company with assets in the offshore Gulf
of Thailand and the Thrace Basin of Turkey, is pleased to provide an update on
its Wassana crude oil storage vessel.

Modifications to the MT Jaka Tarub crude oil storage vessel are now complete,
making the vessel compatible with the Wassana field's infrastructure and
capable of tandem crude oil loading/offloading.  Subject to  favourable
metocean conditions, the vessel will arrive at the Wassana field in the coming
days, after which Valeura intends to resume oil production operations,
targeting initial rates of up to 3,000 bbls/d, net to the 89% working interest
share held by its subsidiary company 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 expected timing for the MT Jaka Tarub vessel to arrive at the Wassana
field; and the expected production from the Wassana field.

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; the continuation of operations
following the COVID-19 pandemic; 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
across its business; future production rates and associated operating netbacks
and cash flow; decline rates; future sources of funding; future economic
conditions; the impact of inflation of future costs; 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, offshore storage and
offloading facilities 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 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; the risk of further disruptions from the COVID- 19 pandemic;
competition for specialised equipment and human resources; ; the Company's
ability to manage growth; the Company's ability to manage the costs related to
inflation; disruption in supply chains; the risk of currency fluctuations;
changes in interest rates, oil and gas prices and netbacks; potential changes
in joint venture partner strategies and participation in work programmes;
uncertainty regarding the contemplated timelines and costs for work programme
execution; the risks of disruption to operations and access to worksites;
potential changes in laws and regulations, the uncertainty regarding
government and other approvals; counterparty risk; the risk that financing may
not be available; 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 most recent AIF and MD&A
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
(https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00014898)
.

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction, including where such offer
would be unlawful. This announcement is not for distribution or release,
directly or indirectly, in or into the United States, Ireland, the Republic of
South Africa or Japan or any other jurisdiction in which its publication or
distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this news release.

 

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