# Valeura Energy completes acquisition of KrisEnergy International, Thailand

- Link: https://www.directorstalkinterviews.com/valeura-energy-completes-acquisition-of-krisenergy-international-thailand/4121068866
- Published: 2022-06-15T15:08:44+01:00
- Author: Giles

**[Valeura Energy Inc](https://www.directorstalkinterviews.com/company/valeura-energy-inc/vle.to).**(
[TSX:VLE](https://www.directorstalkinterviews.com/company/valeura-energy-inc/vle.to),
[LON:VLU](https://www.directorstalkinterviews.com/company/valeura-energy-inc/vle.to))
has announced it has completed the acquisition of the entire share capital of KrisEnergy
International (Thailand) Holdings Ltd., as announced on April 28, 2022.

Through its subsidiaries, Valeura is now the holder of an 89% operated working interest
in Licence G10/48 containing the Wassana oil field and a 43% operated working interest
in the planned Rossukon oil field development in Licence G6/48^(1), in addition 
to its pre-existing interest in the Thrace basin tight gas appraisal play in Turkey.
The Company’s acquisition of the Mobile Offshore Production Unit _Ingenium_ (“**
MOPU**“)^(1) on location at the Wassana oil field, is proceeding as expected, according
to the agreed phased payment schedule.

Upward revisions to reserves and resources in Licences G10/48 and G6/48 as released
on June 13, 2022 have contributed to a significant increase in value associated 
with the Acquisition as compared to initial expectations.

  ^(1 )Interests in Licence G10/48, Licence G6/48 and the MOPU are presented on 
a working interest acquired basis to the Valeura-controlled special purpose vehicle,
Panthera Resources Pte. Ltd., in which Valeura holds 85% of the share capital.

> **Sean Guest, President and CEO of Valeura Energy commented:**
> _“I am delighted to complete our acquisition of these Gulf of Thailand assets 
> within just seven weeks of agreeing to the deal, and we look forward to building
> relationships with our new partners and regulators as we establish our operating
> credentials in Thailand.  I am also pleased to welcome approximately 30 staff 
> to the Valeura team, as we begin the process of integrating this highly capable
> Thailand-based operating unit with our business. _
> _Our highest priority is to re-activate production operations at the Wassana field.
> Work is already underway to complete the commercial arrangements and MOPU re-certification
> that will enable the resumption of oil production at a rate of approximately 3,000
> bbls/d, net to the acquired interest, in Q4 2022.  At the same time, we are actively
> engaged in discussions with both partners and regulators regarding the Rossukon
> oil field development, and will share additional details when we take a final 
> investment decision, anticipated later this year. _
> _We remain focused on increasing shareholder value by further growing our business
> inorganically, as well as progressing our tight gas appraisal play in Turkey.”_

**UK Listing Update**

The Acquisition constitutes a reverse takeover for the purposes of the Listing Rules
of the Financial Conduct Authority and the Company has requested, in accordance 
with the Listing Rules, that the listing of the Company’s common shares on the standard
segment of the Official List and trading in the Shares on the London Stock Exchange’s
main market for listed securities should be cancelled with effect from 8:00 a.m.
UK time on or about July 14, 2022.

Valeura Energy management continues to believe a listing on a London stock exchange
will support Valeura’s long-term strategy and can provide greater access to international
investors. Valeura intends to continue to evaluate the merits of re-listing in London
and will update shareholders in due course. 

Meanwhile, interests in the Shares purchased on the London Stock Exchange are fully
fungible and can be transferred from the UK depositary to the Canadian depositary
to be traded on the Toronto Stock Exchange, where the Shares continue to trade as
usual.  Shareholders interested in transferring their Shares should contact their
broker or nominee to coordinate such a transaction with the Company’s registrar.

Share on: