Valeura pivots to SE Asia

The independent has bought assets in Thailand and is looking at acquisitions elsewhere in the region

Toronto- and London-listed independent Valeura has signed a sales-and-purchase agreement to acquire and operate the Thai assets of Singapore’s bankrupt Krisenergy. The acquisition comprises 89pc of the Wassana field and 43pc of the Rossukon field for $3.1mn, plus contingency payments of up to $7mn and the purchase of an onsite mobile production unit for a further $9.2mn. Valeura intends to reactivate Wassana and reach 3,300bl/d of production by the fourth quarter of this year, while Rossukon is fully appraised but so far undeveloped. Proven and probable reserves at the fields—which are both in shallow waters in the Gulf of Thailand—total around 4mn bl. The remaining shares in Wassana and Ros