Valeura has executed a Sale and Purchase agreement which, upon closing, will result in it acquiring an operated position in two licences located offshore in the Gulf of Thailand. The transaction is subject to Valeura lodging a parent company guarantee with the Thai regulator. The Company anticipates deal closing in Q2 2022.
Upon deal closing, Valeura anticipates that it will hold total proved and probable (2P) reserves of approximately 4.0 MMbbls of oil, and an additional aggregate 13.3 MMboe of 2C resources, based on the Company’s internal assessment, effective December 31, 2021, and net to the working interest being acquired.
Reserves and resources associated with the Thailand assets being acquired are in the process of being updated by the incumbent independent petroleum engineering firm, Netherland Sewell & Associates (“NSAI”) and will be published by the Company in due course.
Valeura views its deep gas play in Turkey as a core constituent of its portfolio and believes this play to be a material source of potential long-term value for shareholders.
In February 2018, the Company announced results of an independent evaluation of the Company’s prospective resources in the tight gas play as prepared by DeGolyer and MacNaughton which attributed 10.1 trillion cubic feet of estimated unrisked mean prospective resources of natural gas which includes 236 MMbbls of condensate, to Valeura’s working interest of the play, at that time.
In February 2020, Valeura’s joint venture partner for the deep gas appraisal programme elected to discontinue participation in the play and their working interest reverted to the remaining partners. As a result, Valeura’s management estimates that its working interest share of unrisked recoverable natural gas prospective resource in the play has increased to 19.7 trillion cubic feet equivalent.