TIDMVLU
RNS Number : 9369X
Valeura Energy Inc.
07 May 2021
GOVERNMENT APPROVAL OF THE SHALLOW GAS BUSINESS SALE
Calgary, May 7, 2021 : Valeura Energy Inc. (TSX: VLE, LSE: VLU)
(the "Company" or "Valeura"), an upstream oil and gas company with
assets in the Thrace Basin of Turkey, is pleased to announce that
all Turkish government consents required to proceed to close its
proposed sale of its shallow conventional gas business (the "Sale
Transaction") have been granted.
Valeura and TBNG Limited (the "Buyer"), will now proceed to
close the transaction. This is anticipated to occur within the
coming weeks.
Sean Guest, President and CEO commented:
"I am pleased to announce that all required consents have been
granted for us to proceed to closing the sale of our conventional
gas business and look forward to strengthening our balance sheet
both with immediate sale proceeds and with the royalty payments we
will receive thereafter.
"We remain committed to Turkey, and our longer-term plans to
further appraise our 20 Tcfe unrisked mean prospective resource
deep tight gas play remain intact. In the meantime, closing this
sale will solidify our increased cash position which will
facilitate Valeura pressing forward with our inorganic growth
strategy."
Upon closing, Valeura will receive cash consideration of US$15.5
million, subject to normal closing adjustments based on the
economic effective date of July 1, 2020. Thereafter, Valeura will
be entitled to royalty payments over a five-year period, tied to
local gas prices, and ranging in total from a minimum of US$1.0
million and a cap of US$2.5 million. At closing, the sale is
expected to boost Valeura's corporate cash balance to approximately
US$44 million.
For further information please contact:
Valeura Energy Inc. (General and Investor Enquiries) +1 403 237 7102
Sean Guest, President and CEO
Heather Campbell, CFO
Robin Martin, Investor Relations Manager
Contact@valeuraenergy.com , IR@valeuraenergy.com
Auctus Advisors LLP (Corporate Broker) +44 (0) 7711 627 449
Jonathan Wright
Valeura@auctusadvisors.co.uk
CAMARCO (Public Relations, Media Adviser) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg, Monique Perks, Hugo Liddy
Valeura@camarco.co.uk
Prospective Resources
The prospective resources disclosure in this announcement is
based on an independent prospective resources evaluation as at
December 31, 2018 conducted by D&M in its report dated March
13, 2019, which was prepared using guidelines outlined in the
Canadian Oil and Gas Evaluation Handbook and in accordance with NI
51-101, as adjusted to reflect Equinor's withdrawal in Q1 2020.
Prospective resources are those quantities of petroleum estimated,
as of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective resources have both an associated chance of discovery
and a chance of development. The unrisked estimates of prospective
resources referred to in this announcement have not been risked for
either the chance of discovery or the chance of development. There
is no certainty that any portion of the prospective resources will
be discovered. If a discovery is made, there is no certainty that
it will be developed or, if it is developed, there is no certainty
as to the timing of such development or that it will be
commercially viable to produce any portion of the prospective
resources. Additional prospective resources information is included
in the Company's annual information form for the year ended
December 31, 2018.
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this new release constitutes
forward-looking information under applicable securities
legislation. Such forward-looking information is for the purpose of
explaining management's current expectations and plans relating to
the future. Readers are cautioned that reliance on such information
may not be appropriate for other purposes, such as making
investment decisions. Forward- looking information typically
contains statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project",
"target" or similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information in this new
release includes, but is not limited to: the completion of the
transaction, the total headline cash consideration, and the
Company's entitlement to royalty payments over a five-year
period.
Forward-looking information is based on management's current
expectations and assumptions regarding, among other things: the
ability to close the transaction on the terms described herein and
; political stability of the areas in which the Company is
operating and completing transactions; continued safety of
operations and ability to proceed in a timely manner; and continued
operations of and approvals forthcoming from the Turkish government
in a manner consistent with past conduct, including any impact of
the COVID-19 pandemic. Although the Company believes the
expectations and assumptions reflected in such forward-looking
information are reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and
unknown risks and uncertainties. A number of factors could cause
actual results to differ materially from those anticipated by the
Company including, but not limited to: the risks of further
disruptions from the COVID-19 pandemic; potential changes in laws
and regulations; counterparty risk; and the risk associated with
international activity. The forward-looking information included in
this news release is expressly qualified in its entirety by this
cautionary statement. See the AIF for a detailed discussion of all
risk factors facing the Company.
The forward-looking information contained in this new release is
made as of the date hereof and the Company undertakes no obligation
to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
unless required by applicable securities laws. The forward-looking
information contained in this new release is expressly qualified by
this cautionary statement.
Additional information relating to Valeura is also available on
SEDAR at www.sedar.com .
This announcement contains inside information as defined in EU
Regulation No. 596/2014, part of UK law by virtue of the European
Union (Withdrawal) Act 2018, and is in accordance with the
Company's obligations under Article 17 of that Regulation.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction,
including where such offer would be unlawful. This announcement is
not for distribution or release, directly or indirectly, in or into
the United States, Ireland, the Republic of South Africa or Japan
or any other jurisdiction in which its publication or distribution
would be unlawful.
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END
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(END) Dow Jones Newswires
May 07, 2021 05:59 ET (09:59 GMT)
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