Valeura Energy Inc., Calgary, has completed the acquisition of the entire share capital of KrisEnergy International (Thailand) Holdings Ltd., which holds an interest in two operated licenses offshore Thailand.
The deal, agreed for $3.1 million plus certain contingent payments of up to an additional $7 million related to future development milestones, was made in April.
Through its subsidiaries, Valeura is now the holder of an 89% operated working interest in License G10/48 containing Wassana oil field and a 43% operated working interest in the planned Rossukon oil field development in License G6/48. The company is in discussions with partners and regulators regarding development, and a final investment decision is expected later this year, said the company’s president and chief executive officer Sean Guest.
The company's acquisition of the Mobile Offshore Production Unit Ingenium (MOPU) on location at Wassana oil field, is proceeding as expected, the company said in a June 15 release. The company separately agreed in April to acquire the unit from Nora Ltd. for $9.2 million. Work is under way to complete commercial arrangements and MOPU re-certification that will enable resumption of oil production at the field at a rate of about 3,000 b/d, net to the acquired interest, in this year’s fourth quarter, Guest said. Wassana field was developed by way of production wells drilled from the MOPU and started production in 2015. Peak oil production was 7,700 b/d (gross) in 2016. The field was shut-in temporarily in 2020 amidst a challenging economic climate due to low benchmark oil prices.
Interests in License G10/48, License G6/48, and the MOPU are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle, Panthera Resources Pte. Ltd., in which Valeura holds 85% of the share capital.
Closing of the Gulf of Thailand asset deal comes 7 weeks after the original agreement, Guest said. The company has started integrating the Thailand-based operating unit into its business, adding about 30 staff to the Valeura team, he continued.
