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Valeura Energy Inc. to sell shallow conventional assets; stocks surge over 23%

1 min read | October 20, 2020 12:28 PM BST | By Team Kalkine Media
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Valeura Energy Inc. (LON:VLU) will be selling its producing shallow conventional gas business to TBNG Limited and has executed a SPA (Share Purchase Agreement) for that.

  • The sell is for a cash consideration of USD15.5 million, along with royalty payments of up to an additional USD 2.5 million.
  • The sell proceeds are likely to add to the company’s strong net cash position, and upon completion of this transaction, the incremental cash will bolster its ability to execute its growth plan through M&A (mergers and acquisitions) and later appraisal of its deep gas play.
  • The transaction would not be altering the company's Thrace Basin interest in its 20 Tcfe unrisked mean prospective source deep, tight gas play.

 

  • On 20 October 2020, the stocks of the company surged by 23.08% from the previous closing, trading at GBX 24.00 at 10:28 AM GMT+1.

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