Valeura Energy Inc. Announces Wassana Oil Storage Vessel

CALGARY, AB / ACCESSWIRE / November 30, 2022 / Valeura Energy Inc. (TSX:VLE) ("Valeura" or the "Company"), the upstream oil and gas company with assets offshore Gulf of Thailand and the Thrace Basin of Turkey is pleased to announce that it has entered into a definitive agreement with PT Samudra Alam Transport, a subsidiary of PT Buana Lintas Lautan Tbk, to charter a crude oil tanker to store oil produced from the Wassana oil field, offshore Gulf of Thailand, as previously announced on November 11, 2022. The vessel is expected to be renamed MT Jaka Tarub (previously MT Vula).

Foto: Accesswire

The MT Jaka Tarub is a Panamax sized oil tanker, with storage capacity of 460,000 bbls. Following cleaning and modification work scheduled for December 2022, the vessel will be made compatible with the Wassana field's mooring and crude oil offloading systems.

Pending customs clearance, the MT Jaka Tarub is expected to arrive at the field in early January 2023. Valeura intends to resume production operations as soon as practicable thereafter, targeting initial oil production rates of up to 3,000 bbls/d, net to the 89% working interest held by its special purpose vehicle subsidiary, Valeura Energy Asia Pte. Ltd.

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) [phone]
Sean Guest, President and CEO
Heather Campbell, CFO
[e-mail]

Valeura Energy Inc. (Capital Markets / Investor Enquiries) [phone]
Robin James Martin, Investor Relations Manager [phone]
[e-mail]

Auctus Advisors LLP (Corporate Broker to Valeura) [phone]
Jonathan Wright
[e-mail]

CAMARCO (Public Relations, Media Adviser to Valeura) [phone]
Owen Roberts, Billy Clegg
[e-mail]

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 timing of the cleaning and modification work scheduled for the MT Jaka Tarub vessel, the timing for arrival of the MT Jaka Tarub vessel at the Wassana oil field; statements with respect to the timing for resumption of production operations at the Wassana oil field; the anticipated oil production rates from the Wassana oil field; and statements with regard to the Company's growth strategy.