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Valeura Energy Inc. Announces Wassana Re-start and Change to Working Interests
Wassana Production Re-start and Change to Working Interests CALGARY, AB / ACCESSWIRE / April ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Wassana Re-start and Change to Working InterestsWassana Production Re-start and Change to Working InterestsCALGARY, AB / ACCESSWIRE / April 28, 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, is pleased to announce the re-start of oil production from the Wassana field and changes to its working interest in Licences G6/48 and G10/48, offshore Gulf of Thailand.Wassana Production Re-startOn April 28, 2023 Wassana's production was re-started, introducing crude oil into the field's processing facilities for the first time in nearly three years. With the activation of additional wells shortly thereafter, production rates have begun ramping up. Operations are proceeding as intended, with no deviations to the Company's safe operating parameters.Increase in Wassana (Licence G10/48) Working InterestValeura's 11% partner in Licence G10/48, Palang Sophon Limited (\"PSL\"), has opted to discontinue its participation in the licence. By agreement between PSL and Valeura, PSL will transfer its 11% working interest to Valeura. Accordingly, Valeura will proceed with further Wassana oil field operations on a 100% working interest basis, including its planned infill drilling campaign which is scheduled to begin in Q3 2023. In consideration, Valeura has agreed to discharge PSL of outstanding liabilities owed in connection with joint operations on the licence as well as any future liabilities associated with its past involvement in the licence.Rossukon (Licence G6/48) Working InterestSince its acquisition of an interest in Licence G6/48 in mid 2022, Valeura has worked diligently to assess the potential for development of the Rossukon oil field. Following consideration of the project's tight schedule requirements and an estimated capital requirement of approximately US$100 million (gross), Valeura has opted to divest its working interest in the license to its partner Northern Gulf Petroleum (\"NGP\") for a contingent cash consideration of US$5 million, payable at first oil from the Rossukon oil field, and a further 4.65% overriding royalty associated with the Company's 43% working interest (2% of gross production) from the field thereafter.Sean Guest, President and CEO commented:\"I am delig...