- Valeura Energy (VLE) has issued an operations update
- The company increased its stake in Valeura Energy Asia from 85 to 87.5 per cent
- Production up to 4,500 bbls/d at the Wassana oil field will soon resume upon completion of planned storage vessel modifications in February
- The acquisition of Mubadala Energy’s 21,200 bbls/d portfolios is expected to close in Q1 2023
- Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Thailand and Turkey
- Valeura Energy (VLE) is down by 2.29 per cent, trading at $2.56 per share
Valeura Energy (VLE) has issued an operations update.
Special purpose vehicle (SPV) interest
Valeura has increased its ownership of the SPV subsidiary company, Valeura Energy Asia, from 85 to 87.5 per cent thanks to its cumulative cash contributions to the vehicle.
The company conducts all of its Thailand business through the vehicle.
Wassana oil field
Valeura is confirming the recertification of its mobile production unit, Ingenium, enabling its ongoing use as the production and processing facility for crude oil from the Wassana oil field on Licence G10/48, offshore Gulf of Thailand.
The MT Jaka Tarub crude oil storage vessel is undergoing planned modifications in dry dock, which are expected to be completed in early February. The vessel will then mobilize to the Wassana field.
Valeura will then resume production, targeting initial rates of up to 3,000 bbls/d. It plans to ramp up to 4,500 bbls/d as a result of the five-well infill drilling campaign planned for Q2 2023.
All production figures are net to the SPV’s 89-per-cent working interest in Licence G10/48.
Corporate developments
As announced on December 6, 2022, the SPV agreed to acquire Mubadala Energy‘s Thailand upstream oil-producing portfolio, which includes production of 21,200 bbls/d.
Valeura anticipates the acquisition to close in Q1 2023.
Additionally, planning work is underway for the greenfield Rossukon oil field development on Licence G6/48. The company will provide further details once it makes a final investment decision.
Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Thailand and Turkey, with ongoing inorganic growth in Southeast Asia.
Valeura Energy (VLE) is down by 2.29 per cent, trading at $2.56 per share as of 12:13 pm EST.