Wassana Production Re-start
On
Increase in Wassana (Licence G10/48) Working Interest
Valeura's 11% partner in Licence G10/48,
Rossukon (Licence G6/48) Working Interest
Since its acquisition of an interest in Licence G6/48 in mid 2022, Valeura has worked diligently to assess the potential for development of the Rossukon oil field. Following consideration of the project's tight schedule requirements and an estimated capital requirement of approximately
Separately, I am pleased to have arrived at an efficient way to realise potential value from Licence G6/48. Valeura will bear no risk, and no obligation for any capital costs in relation to the Rossukon oil field development and the contingent payment due to us upon first oil will effectively offset the contingent payment owed by us to the receiver upon first oil (in connection with our acquisition of the licence interest in 2022). At the same time, the arrangement provides us a long-term potential revenue stream by way of an overriding royalty.'
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About the Company
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this news 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 news release includes, but is not limited to: the transfer of PSL's 10% working interest to Valeura; the expected timing for the Wassana infill drilling programme and target production rates and the transfer of Valeura's working interest to NGP.
Forward-looking information is based on management's current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company's lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of
Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of further disruptions from the COVID- 19 pandemic; competition for specialised equipment and human resources; the Company's ability to manage growth; the Company's ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; the risk associated with international activity and the uncertainty as to whether the Rossukon oil field will be developed, resulting in the requirement for NGP to pay to Valeura contingent cash consideration of
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.
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
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