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Valeura Energy Inc. Announces Thailand Assets Reserves and Resources Report
THAILAND ASSETS RESERVES AND RESOURCES REPORT CALGARY, AB / ACCESSWIRE / June 13, 2022 /...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Thailand Assets Reserves and Resources ReportTHAILAND ASSETS RESERVES AND RESOURCES REPORTCALGARY, AB / ACCESSWIRE / June 13, 2022 / Valeura Energy Inc. (TSX:VLE)(LSE:VLU) (\"Valeura\" or the \"Company\"), an upstream oil and gas company with assets in the Thrace Basin of Turkey and an announced acquisition in the offshore Gulf of Thailand, is pleased to report the results of an independent third party reserves and resources assessment pertaining to its Gulf of Thailand acquisition announced April 28, 2022 and expected to close this month (the \"Acquisition\").HighlightsProved (1P) reserves of 2,749 Mbbl of oil;Proved and probable (2P) reserves of 6,456 Mbbl of oil, with an estimated future net revenue after income taxes of US$59.3 million, using a discount rate of 10%;Best estimate (2C) unrisked contingent resources of 4,696 Mbbl for the Rossukon oil field, classified as 'development pending;' andAdditional 2C unrisked contingent resources of 8,615 Mboe relating to various other accumulations on the licences, classified as 'development unclarified.'The report, dated June 10, 2022, was prepared for Valeura by Netherland, Sewell & Associates, Inc. (\"NSAI\") to assess reserves and contingent resources associated with licences G10/48 and G6/48, in the Gulf of Thailand, as of March 31, 2022 (the \"NSAI Report\"). As announced on April 28, 2022, Valeura has signed a share purchase agreement to acquire all of the shares of KrisEnergy International (Thailand) Holdings Ltd. which, through two subsidiary companies, holds an 89% operated working interest in licence G10/48 and a 43% operated working interest in licence G6/48. Unless otherwise noted, reserves and resource estimates are presented on a before royalties, working interest acquired basis.Sean Guest, President and CEO of Valeura commented:\"This third party, independent evaluation underscores the tremendous value we are acquiring in Thailand. The externally evaluated 2P reserves associated with the Wassana field in licence G10/48 are 63% larger than we had originally estimated, meaning our deal metrics are even stronger than initially presented.For total consideration of US$19.3 million (including initial, contingent, and facilities consideration) we are acquiring 6.5 million bbls of 2P oil reserves, valued at US$59.3 million on an after-tax bas...