RCS - Valeura Energy Inc. - Precautionary Suspension of Wassana Production

Valeura EnergyAnnouncement

07/07/2023 13:30

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RNS Number : 3736F  Valeura Energy Inc.  07 July 2023

Precautionary Suspension of Wassana Production

Calgary, July 7, 2023: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the
"Company"), the upstream oil and gas company with assets in the Gulf of
Thailand and the Thrace Basin of Turkey, announces that it has temporarily
suspended production operations at the Wassana oil field, offshore Gulf of
Thailand.

On July 6, 2023 the floating storage and offloading vessel ("FSO") stationed
at the Wassana oil field deviated from its intended position and contacted the
field's catenary anchor leg mooring ("CALM") buoy.  No personnel were injured
in the event, no hydrocarbons were discharged, and there was no damage to the
vessel or the CALM buoy.

As a precautionary measure, Valeura has opted to temporarily suspend
production operations at the field, which had been producing approximately
2,400 bbls/d of oil at the time of the event, representing approximately 10%
of Valeura's aggregate net production.  The Company is undertaking a thorough
review of safety and operating practices on the third-party operated FSO
before restarting the production.

Valeura adheres to high environmental, social, and governance standards, and
holds its third-party contractors to the same expectations in the work they
perform for the Company.  Additional details will be provided in due course.

 

For further information, please contact:

Valeura Energy Inc. (General Corporate
Enquiries)                       +1 403 237 7102

Sean Guest, President and CEO

Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com (mailto:Contact@valeuraenergy.com)

Valeura Energy Inc. (Investor
Enquiries)                             +1 403 975
6752 / +44 7392 940495

Robin James Martin, Vice President, Communications and Investor
Relations

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 Canadian public company engaged in the exploration,
development and production of petroleum and natural gas in Thailand and in
Turkey.  The Company is pursuing a growth-oriented strategy and intends to
re-invest into its producing asset portfolio and to deploy resources toward
further organic and inorganic growth in Southeast Asia.  Valeura aspires
toward value accretive growth for stakeholders while adhering to high
environmental, social, and governance standards.

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 Company's
intent to provide additional details in due course.

Forward-looking information is based on management's current expectations and
assumptions regarding, among other things: 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; the
ability of the Company to meet its commitments and financial obligations; the
ability of the Company to secure adequate processing, transportation,
fractionation and storage capacity on acceptable terms; the capacity and
reliability of facilities; 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
acquisitions; the risk of disruptions from public health emergencies and/or
pandemics; 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. See
the most recent AIF and MD&A for a detailed discussion of the risk
factors.

Certain forward-looking information in this news release may also constitute
"financial outlook" within the meaning of applicable securities legislation.
Financial outlook involves statements about Valeura's prospective financial
performance or position and is based on and subject to the assumptions and
risk factors described above in respect of forward-looking information
generally as well as any other specific assumptions and risk factors in
relation to such financial outlook noted in this news release. Such
assumptions are based on management's assessment of the relevant information
currently available, and any financial outlook included in this news release
is made as of the date hereof and provided for the purpose of helping readers
understand Valeura's current expectations and plans for the future. Readers
are cautioned that reliance on any financial outlook may not be appropriate
for other purposes or in other circumstances and that the risk factors
described above or other factors may cause actual results to differ materially
from any financial outlook.

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 news release 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 news release 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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