Oil and Gas World

Singapore, February 13, 2024

FSO Aurora project was completed in 2015 by Omni Offshore Terminals.

Valeura Energy Inc., the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, is pleased to announce the mobilisation of a Mobile Offshore Production Unit (“MOPU”), destined for its Nong Yao field, and to provide an update on development drilling at the Wassana field, offshore Thailand.

The TSeven Shirley is a new-build MOPU, based on a jack-up drilling rig hull, and customised to suit the requirements of the Nong Yao C accumulation. The MOPU includes a 12 slot well bay, total design fluid capacity of 20,000 bbls/d and water injection design capacity of 10,000 bbl/d. Valeura has agreed to charter the MOPU for an initial term of five years, with provisions for extension thereafter.

Separately, Valeura has exercised its purchase option to acquire the Nong Yao field’s FSO Aurora, which it had previously leased from the seller, a member of the Omni Offshore Terminals group. Purchase price for the vessel is US$19 million, to be funded with the Company’s cash resources upon completion of the transaction, anticipated in June 2024. Given the pending expansion of the field and potential future developments, Valeura anticipates that owning, as opposed to leasing the FSO will provide operational flexibility and allow the Company to optimise operating expenses.

Completion of Nong Yao FSO Acquisition

Singapore, June 12, 2024: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the completion of its acquisition of the Floating Storage and Offloading (“FSO”) vessel Aurora, on location at its Nong Yao field, offshore Gulf of Thailand.

The acquisition was the result of Valeura exercising its purchase option to acquire the vessel, which it had previously leased from the seller, a member of the Omni Offshore Terminals group. The purchase price of US$19 million was funded with the Company’s cash resources, and the transaction was completed on June 11, 2024, with final handover occurring offshore, on the vessel itself.

Valeura anticipates that owning, as opposed to leasing the FSO, will provide operational flexibility and allow the Company to optimise and reduce operating expenses.