Valeura Energy Inc. Announces Completion of Gulf of Thailand Acquisition

Completion of Transformative Gulf of Thailand Acquisition

CALGARY, AB / ACCESSWIRE / March 22, 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 announce completion of its transformative Gulf of Thailand acquisition, as announced on December 6, 2022.

Foto: Accesswire

Through its wholly-owned subsidiary, Valeura Energy Asia Pte. Ltd, Valeura is now the holder of a 100% operated interest in Licence B5/27 containing the Jasmine and Ban Yen oil fields, a 90% operated working interest in Licence G11/48 containing the Nong Yao oil field, and a 70% operated working interest in Licence G1/48 containing the Manora oil field. All net economic benefits accumulated from September 1, 2022 are included within the acquired entity.

Sean Guest, President and CEO commented:

"I am delighted to have closed this transaction and grateful to the many individuals involved throughout the acquisition process culminating in this milestone. I would also like to welcome our new staff to the Valeura organisation, and look forward to charging ahead together as the largest independent oil producer in Thailand.

With our expanded asset base, we can now begin to realise synergies across our operations, unlocking even more value for our stakeholders, while remaining mindful of our primary focus on safe, reliable operations. At the same time, our growth ambitions remain at the core of our forward strategy. We intend to pursue the organic growth opportunities within our portfolio, as well as further inorganic opportunities in Southeast Asia."

Valeura has commissioned Netherland, Sewell & Associates, Inc. to conduct a reserves and contingent resources evaluation for all of its Thailand assets effective December 31, 2022, and will publish results in due course.

Full Year 2022 Results

Valeura intends to announce its consolidated financial and operating results for Q4 2022 and for the year ended December 31, 2022 before markets open on March 30, 2023.

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]