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Valeura Energy PLC - oil and gas exploration, development and production in Turkey - No revenue is received for the three months to June 30, compared to $2.9 million a year before. But Valeura says it is entitled to receive the full $2.5 million capped maximum royalty payment regarding the 2021 sale of its gas producing business in Turkey. Says net income for the quarter amounted to $333,000 compared to a loss of $61.5 million a year before, having booked a $2.3 million bargain purchase gain in the recent period, versus no such gain a year before.
Cash resources total $29.7 million at the end of the second quarter, with no debt, compared to $39.8 million three months before. Says this reflects the acquisition of KrisEnergy International Holdings Ltd, which owns two licences in the offshore Gulf of Thailand, worth $4.1 million.
Chief Executive Officer Sean Guest says: ‘Our financial position at the end of the quarter remains strong, with no debt, and nearly $30 million in cash on hand. This sets us up well to bring the Wassana field on production and continue our M&A-led growth strategy, where we are actively pursuing additional targets in the Southeast Asia region.’
Says it has started planning and procurement activities to re-activate production at the Wassana oil field in the Gulf of Thailand, with the target of restoring up to 3,000 barrels of oil per day of net production in the fourth quarter of 2022. It expects to start a five-well infill drilling campaign in the second quarter next year.
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