Business
Fourth Quarter and Year-end 2022 Results and Reserves
CALGARY, AB / ACCESSWIRE / March 31, 2023 / Valeura Energy Inc. (TSX:VLE) ("Valeura" or the "Com...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Fourth Quarter and Year-end 2022 Results and ReservesCALGARY, AB / ACCESSWIRE / March 31, 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, reports its financial and operating results for the three month period ended December 31, 2022 and the year ended December 31, 2022, as well as its year-end 2022 reserves and contingent resources.The complete quarterly reporting package for the Company, including the audited financial statements and associated management's discussion and analysis (\"MD&A\") and the 2022 annual information form (\"AIF\"), are being filed on SEDAR at www.sedar.com and posted to the Company's website at www.valeuraenergy.com.Financial and operating results presented in this announcement, together with the financial statements, the MD&A and the AIF, reflect the Company's assets and operations as of December 31, 2022, and accordingly do not include the results of operations from the assets acquired through the Company's recent Thailand acquisition, which was announced on December 6, 2022 and was completed on March 22, 2023.HighlightsThe Company entered into a sale and purchase agreement to acquire the upstream Thailand oil producing portfolio of Busrakham Oil and Gas Ltd., a subsidiary of Mubadala Energy (the \"Mubadala Acquisition\"), which subsequently closed on March 22, 2023;Total year-end Proved Plus Probable reserves in the Wassana oil field of 6.1 million bbls;Cash and cash equivalent resources of US$17.5 million at year-end;Progress toward resuming production operations at the Wassana oil field;Preparations for infill drilling in Thailand, including procuring a drilling rig for an initial scope of work comprised of a five-well infill drilling programme on Wassana; andSubsequent to end of the quarter, the acquisition of the remaining minority interest in the Company's special purpose vehicle subsidiary company, Valeura Energy Asia Pte. Ltd. (\"VEA\"), which holds all of the Company's assets in Thailand.Sean Guest, President and CEO commented:\"2022 was a year of genuine transition for Valeura as we evolved our business to focus on the Southeast Asia region, where we now own a significant portfolio of cash generating assets. Our financial results reflect the decision to ...