Valeura Energy has closed the deal it signed with Mubadala Petroleum in December last year to acquire the Thailand oil production portfolio of Busrakham Oil and Gas, a unit of Mubadala Energy.
Through its wholly-owned subsidiary Valeura Energy Asia, Valeura said it now holds a 100 percent operating interest in license B5/27 containing the Jasmine and Ban Yen oil fields, a 90 percent operational in license G11/48 containing the Nong Yao oil field and 70 percent operational in license G1/48 containing the Manora oil field.
In December, the company reported that the consideration for the acquisition is an additional $10.4 million up to an additional $50 million, subject to certain upside price scenarios.
“I am delighted to have closed this transaction and thank the many people involved throughout the acquisition process that culminated in this milestone. I would also like to welcome our new staff to the Valeura organization and look forward to moving forward together as Thailand’s largest independent oil producer,” said Sean Guest, president and CEO of Valeura Energy.
“With our expanded asset base, we can now begin to gain synergies between our operations, unlocking even more value for our stakeholders, while remaining mindful of our core focus on safe and reliable operations,” he said. to say.
Guest emphasized that, at the same time, Valeura’s growth ambitions remain at the core of its future strategy, as the company intends to pursue organic growth opportunities within its portfolio, as well as further inorganics in Southeast Asia.
Valeura has commissioned Netherland, Sewell & Associates to conduct a reserve and contingent resource assessment for all of its Thailand assets from December 31, 2022 and will publish the results in due course, according to the company’s statement.
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