Valeura Energy Inc. Announces Wassana Storage Vessel Update

CALGARY, AB / ACCESSWIRE / March 21, 2023 / Valeura Energy Inc. (TSX:VLE) ("Valeura" or the "Company"), the upstream oil and gas company with assets in the offshore Gulf of Thailand and the Thrace Basin of Turkey, is pleased to provide an update on its Wassana crude oil storage vessel.

Foto: Accesswire

Modifications to the MT Jaka Tarub crude oil storage vessel are now complete, making the vessel compatible with the Wassana field's infrastructure and capable of tandem crude oil loading/offloading. Subject to favourable metocean conditions, the vessel will arrive at the Wassana field in the coming days, after which Valeura intends to resume oil production operations, targeting initial rates of up to 3,000 bbls/d, net to the 89% working interest share held by its subsidiary company 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 expected timing for the MT Jaka Tarub vessel to arrive at the Wassana field; and the expected production from the Wassana field.