Valeura Energy Inc - Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Turkey - Says it has closed its sale of its shallow conventional gas business to TBNG Ltd. Valeura is to net royalty payments between USD1.0 million and USD2.5 million for gas unit sale.
President & Chief Executive Sean Guest comments: "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."
Current stock price: 29 pence
Year-to-date change: down 7.9%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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