Valeura Energy Inc. is pleased to announce it has completed the acquisition of the entire share capital of KrisEnergy International (Thailand) Holdings Ltd., as announced on April 28, 2022 (the “Acquisition”).

Through its subsidiaries, Valeura is now the holder of an 89% operated working interest in Licence G10/48 containing the Wassana oil field and a 43% operated working interest in the planned Rossukon oil field development in Licence G6/481, in addition to its pre-existing interest in the Thrace basin tight gas appraisal play in Turkey. The Company’s acquisition of the Mobile Offshore Production Unit Ingenium (“MOPU”)(1) on location at the Wassana oil field, is proceeding as expected, according to the agreed phased payment schedule.

Upward revisions to reserves and resources in Licences G10/48 and G6/48 as released on June 13, 2022 have contributed to a significant increase in value associated with the Acquisition as compared to initial expectations.

Sean Guest, President and CEO of Valeura commented:

“I am delighted to complete our acquisition of these Gulf of Thailand assets within just seven weeks of agreeing to the deal, and we look forward to building relationships with our new partners and regulators as we establish our operating credentials in Thailand. I am also pleased to welcome approximately 30 staff to the Valeura team, as we begin the process of integrating this highly capable Thailand-based operating unit with our business.

Our highest priority is to re-activate production operations at the Wassana field. Work is already underway to complete the commercial arrangements and MOPU re-certification that will enable the resumption of oil production at a rate of approximately 3,000 bbls/d, net to the acquired interest, in Q4 2022. At the same time, we are actively engaged in discussions with both partners and regulators regarding the Rossukon oil field development, and will share additional details when we take a final investment decision, anticipated later this year.

We remain focused on increasing shareholder value by further growing our business inorganically, as well as progressing our tight gas appraisal play in Turkey.”

(1) Interests in Licence G10/48, Licence 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.

About Valeura Energy

Valeura Energy Inc. (TSX:VLE, LSE:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company is growing through international mergers and acquisitions in Southeast Asia, focussing on assets with substantial near-term cash flow and mid-term reinvestment opportunities, while pursuing a longer-term deep, tight gas play in Turkey.

The Company is headquartered in Calgary, Alberta, Canada, and its shares are traded on the Toronto Stock Exchange under the symbol VLE.