Valeura Power has closed the deal it entered into with Mubadala Petroleum in December final yr to amass the Thailand upstream oil producing portfolio of Busrakham Oil and Fuel, a Mubadala Power unit.
By way of its wholly-owned subsidiary, Valeura Power Asia, Valeura mentioned it’s now the holder of a one hundred pc operated curiosity in License B5/27 containing the Jasmine and Ban Yen oil fields, a 90 p.c operated working curiosity in License G11/48 containing the Nong Yao oil discipline, and a 70 p.c operated working curiosity in Licence G1/48 containing the Manora oil discipline.
In December, the corporate knowledgeable that the acquisition consideration for the acquisition is $10.4 million plus as much as a further $50 million, contingent upon sure upside worth situations.
“I’m delighted to have closed this transaction and grateful to the numerous people concerned all through the acquisition course of culminating on this milestone. I might additionally prefer to welcome our new employees to the Valeura group, and stay up for charging forward collectively as the biggest unbiased oil producer in Thailand,” mentioned Sean Visitor, President and CEO, Valeura Power.
“With our expanded asset base, we are able to now start to comprehend synergies throughout our operations, unlocking much more worth for our stakeholders, whereas remaining conscious of our major give attention to secure, dependable operations,” he mentioned.
Visitor harassed that on the identical time, Valeura’s development ambitions stay on the core of its ahead technique, as the corporate intends to pursue the natural development alternatives inside its portfolio, in addition to additional inorganic alternatives in Southeast Asia.
Valeura has commissioned Netherland, Sewell & Associates, to conduct a reserves and contingent assets analysis for all of its Thailand property efficient December 31, 2022, and can publish outcomes in the end, the corporate’s assertion reads.
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