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Valeura Energy Inc T.VLE

Alternate Symbol(s):  VLERF

Valeura Energy Inc. is an upstream oil and gas company engaged in the production, development, and exploration of petroleum and natural gas in the Gulf of Thailand and the Thrace Basin of Turkiye. The Company holds an operating working interest in four shallow water offshore licenses in the Gulf of Thailand, which include G10/48 (Wassana field), B5/27 (Jasmine and Ban Yen fields), G1/48 (Manora field) and G11/48 (Nong Yao field). It holds a 100% operating interest in license B5/27 containing the producing Jasmine and Ban Yen oil fields. It holds an operated 70% working interest in license G1/48 containing the Manora oil field, which produces approximately 2,935 barrels per day (bbls/d) of medium-weight sweet crude oil. The Company holds interests ranging from 63% through 100% in various leases and licenses in the Thrace basin. The Company also operates Floating Storage and Offloading (FSO) vessel Aurora, location at Nong Yao field, offshore Gulf of Thailand.


TSX:VLE - Post by User

Comment by savyinvestor333on Apr 05, 2023 12:09pm
252 Views
Post# 35381223

RE:Busrakham jasmine net operating profit 16.58

RE:Busrakham jasmine net operating profit 16.58 You should also add this.   Why are we borrowing at credit card Interest rates?


On November 11, 2022, subsidiaries of the Company signed agreements with a third party marketer for a Facility, comprised of: (i) an agreement for advances in support of Wassana operations; and (ii) a commercial contract related to any crude oil production arising from Wassana operations (together, the “Facility”). The Facility provides for advances in discrete tranches, up to an initial maximum capacity of $30 million, subject to the satisfaction of a number of conditions precedent. There is provision to expand the maximum capacity up to $80 million, as may be required to support a potential future acquisition, subject to the satisfaction of certain conditions precedent and the ultimate agreement of the third party marketer. The agreement for advances has a term of two years and bears interest at a margin interest rate of 9.5% per annum on the three-month Secured Overnight Financing Rate as published by the Federal Reserve Bank of New York. The effective yield rate at December 31, 2022, is 21.6%. The Company is required to meet and maintain certain terms, conditions and covenants upon each draw date or at least semi-annually from the first draw date. Financial covenants include a coverage ratio and a liquidity ratio which are further discussed below and the Facility includes a material adverse change clause. The Facility is secured by the shares of the subsidiaries that have entered into the agreement which encompass the Company’s Gulf of Thailand assets and operations as well as certain parent company guarantees.
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