# Valeura Energy delivers a positive operations update

- Link: https://www.directorstalkinterviews.com/valeura-energy-delivers-a-positive-operations-update/4121099292
- Published: 2023-01-24T07:09:25+00:00
- 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)),
the upstream oil and gas company with assets in the offshore Gulf of Thailand and
the Thrace Basin of Turkey, has provided today the following operations update.

**SPV Interest**

Valeura is pleased to announce that it has increased its ownership stake of the 
special purpose vehicle subsidiary company, Valeura Energy Asia Pte. Ltd. (the “
SPV”) from 85% to 87.5% as the result of Valeura’s cumulative cash contributions
to the SPV.  For clarity, the SPV is the corporate entity through which Valeura 
conducts all of its Thailand business.  Accordingly, this increased ownership stake
applies to the entire portfolio of Thailand assets, whether owned or proposed to
be acquired by Valeura. 

**Wassana Oil Field**

Valeura has received formal notification of the recertification of its Mobile Production
Unit _Ingenium_, thereby 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. Separately, further to the announcement of November 20, 2022, the _MT
Jaka Tarub_ crude oil storage vessel is currently undergoing planned modifications
in dry dock, which are expected to be completed in early February, after which the
vessel will mobilise to the Wassana field. Once on location, Valeura intends to 
resume production operations, targeting initial oil production rates of up to 3,000
bbls/d with plans to increase production to 4,500 bbls/d thereafter as a result 
of the five well infill drilling campaign planned to commence in Q2 2023.  All production
figures are net to the 89% working interest in Licence G10/48 held by the SPV.

**Corporate Developments**

As announced on December 6, 2022, the SPV has agreed to acquire the Thailand upstream
oil producing portfolio of Mubadala Energy, which includes several oil fields collectively
producing approximately 21,200 bbls/d of oil, net to the interest being acquired.
All key workstreams are progressing in relation to satisfying the closing conditions
and the Company anticipates that the Acquisition will close in Q1 2023 as previously
announced.

Separately, planning work is underway in relation to the greenfield Rossukon oil
field development on Licence G6/48, and the Company intends to provide further detail
on the project once a final investment decision has been taken. 

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.

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