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(Alliance News)- Valeura Energy Inc said on Monday it is in a ‘strong’ financial position as it is set to acquire certain Gulf of Thailand assets.
At March 31, the end of the company's first quarter, it had cash and cash equivalent resources totalling $39.8 million, with no debt.
It noted collected $2.1 million in royalty payments in the first quarter.
The Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Turkey previously announced an acquisition to acquire certain Gulf of Thailand assets with a focus on near-term production and cash flow and further growth in 2023.
Based on the company's internal assessment in December last year, the acquisition includes total proved and probable reserves of 4.0 million barrels of oil or natural gas liquids of oil and an aggregate 13.3 mmboe of 2C contingent unrisked resources, net to the working interests being acquired.
Chief Executive Officer Sean Guest said: ‘We have carefully preserved our strong financial position, resulting in nearly $40 million in cash resources at the end of the first quarter of 2022, which was bolstered by incoming royalty payments. This has facilitated our announced Gulf of Thailand acquisition without any share dilution to our shareholders.
‘This acquisition is bringing balance into our portfolio by providing strong near-term cash flow and further organic growth opportunities for 2023.’
Valeura Energy shares last traded at 27.5 pence before being suspended at the end of April.
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