Valeura Energy Inc - Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Turkey - Gains full Turkish government approval for sale of its shallow conventional gas business.
In October, company inked agreement to sell its shallow conventional gas business to TBNG Ltd for USD18 million, comprising a cash payment of USD15.5 million, plus royalty payments of up to USD2.5 million.
"I am pleased to announce that all required consents have been granted for us to proceed to closing the sale of our conventional gas business and look forward to strengthening our balance sheet both with immediate sale proceeds and with the royalty payments we will receive thereafter," says Chief Executive Officer Sean Guest.
Current stock price: 30.50 pence, up 5.2%
Year-to-date change: down 3.2%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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