TIDMVLU
RNS Number : 9395Z
Valeura Energy Inc.
26 May 2021
SHALLOW GAS BUSINESS SALE CLOSED
Calgary, May 26, 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 the
closing of its sale of its shallow conventional gas business to
TBNG Limited (the "Sale Transaction").
Valeura's corporate cash balance is now approximately US$44
million, and pursuant to the terms of the Sale Transaction the
Company is entitled to receive 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.
Sean Guest, President and CEO commented:
"I am very pleased to have completed the sale of our shallow gas
business, which bolsters our cash position and will pave the way
for our inorganic growth strategy. We are pressing forward with
evaluation work on several potential transactions and continuing in
our efforts to secure a suitable partner for our deep tight gas
play in Turkey, which remains an important part of our
portfolio."
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
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 include, but are not limited to: the Company's entitlement
to royalty payments over a five-year period, statements with
respect to the Company's inorganic growth strategy, including its
ability to identify M&A targets, statements with respect to the
Company's deep tight gas play strategy.
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
and completing transactions; the Company's inorganic growth
strategy, 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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of this news release.
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END
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May 26, 2021 11:20 ET (15:20 GMT)
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