Business
Valeura Energy Inc. Announces Shallow Gas Business Sale Closed
SHALLOW GAS BUSINESS SALE CLOSED CALGARY, AB / ACCESSWIRE / May 26, 2021 / Valeura Ener...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Shallow Gas Business Sale ClosedSHALLOW GAS BUSINESS SALE CLOSEDCALGARY, AB / ACCESSWIRE / May 26, 2021 / Valeura Energy Inc. (TSX:VLE) (LSE:VLU) (the \"Company\" or \"Valeura\"), an upstream oil and gas company with assets in the Thrace Basin of Turkey, is pleased to announce the closing of its sale of its shallow conventional gas business to TBNG Limited (the \"Sale Transaction\").Valeura's corporate cash balance is now approximately US$44 million, and pursuant to the terms of the Sale Transaction the Company is entitled to receive royalty payments over a five-year period, tied to local gas prices and ranging in total from a minimum of US$1.0 million and a cap of US$2.5 million.Sean Guest, President and CEO commented:\"I am very pleased to have completed the sale of our shallow gas business, which bolsters our cash position and will pave the way for our inorganic growth strategy. We are pressing forward with evaluation work on several potential transactions and continuing in our efforts to secure a suitable partner for our deep tight gas play in Turkey, which remains an important part of our portfolio.\"For further information please contact:Valeura Energy Inc. (General and Investor Enquiries) +1 403 237 7102Sean Guest, President and CEOHeather Campbell, CFORobin Martin, Investor Relations [email protected], [email protected] Advisors LLP (Corporate Broker) +44 (0) 7711 627 449Jonathan [email protected] (Public Relations, Media Adviser) +44 (0) 20 3757 4980Owen Roberts, Billy Clegg, Monique Perks, Hugo [email protected] and Caution Regarding Forward-Looking InformationCertain information included in this new 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. Forwar...