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Valeura Energy Inc. Announces Third Quarter 2022 Results, Facility and Wassana FSO Contract
CALGARY, AB / ACCESSWIRE / November 11, 2022 / Valeura Energy Inc. (TSX:VLE) ("Valeura" or t...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Third Quarter 2022 Results, Facility and Wassana FSO ContractCALGARY, AB / ACCESSWIRE / November 11, 2022 / Valeura Energy Inc. (TSX:VLE) (\"Valeura\" or the \"Company\"), the upstream oil and gas company with assets offshore Gulf of Thailand and the Thrace Basin of Turkey, reports (i) its unaudited financial and operating results for the three month period ended September 30, 2022, (ii) the signing by certain subsidiaries of the Company of a facility arrangement and commercial contract with Trafigura Pte. Ltd. (the \"Facility\"), and (iii) a contract for a Floating Storage and Offloading vessel (\"FSO\") for its Wassana oil field.HighlightsStrong financial position - Cash position of US$22.3 million at September 30, 2022;Increased liquidity - Facility provides (i) initial liquidity to support Wassana operations, and (ii) additional liquidity for potential future acquisition support, subject to satisfaction of certain conditions precedent;Near-term production - Procurement of an FSO to support production operations at the Wassana oil field at initial rates of up to 3,0001 bbls/d starting January 2023;Drilling programme progress - Chartered a drilling rig for the 2023 Wassana infill drilling programme, forecast to increase production rates to 4,500 bbls/d;Development planning - Ongoing planning for the Rossukon oil field development, with a target final investment decision expected later this quarter; andStrategy continuing - Pursuing additional near-term inorganic growth opportunities in Southeast Asia, while seeking a suitable partner to farm-in to the Company's tight gas play in Turkey.1 Throughout this announcement, net interests in Licence G10/48, Licence G6/48, the MOPU (defined below) and in the associated fields' production and resources are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle, Valeura Energy Asia Pte. Ltd. (previously named Panthera Resources Pte. Ltd.), in which Valeura holds 85% of the share capital.Sean Guest, President and CEO of Valeura commented:\"Our financial position remains strong, with over US$22 million in cash at the end of Q3, now bolstered by access to additional liquidity as a result of our Facility.We are building momentum toward the re-start of production operations at the Wassana oil field with initial net produc...