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Pin to quick picksValeura Energy Share News (VLU)

Share Price Information for Valeura Energy (VLU)

London Stock Exchange
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Share Price: 30.50
Bid: 29.00
Ask: 32.00
Change: 1.50 (5.17%)
Spread: 3.00 (10.34%)
Open: 29.00
High: 31.50
Low: 29.00
Yest. Close: 29.00
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IN BRIEF: Valeura To Sell Shallow Gas Business For USD18 Million

Tue, 20th Oct 2020 15:17

Valeura Energy Inc - natural gas producer - Inks 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.

Deal is subject to terminations rights and regulatory approvals, and Valeura expects to close the deal in the first quarter of 2021. Proceeds from deal will go towards bolstering Valeura's net cash position, which was USD31 million at the end of September.

"I am pleased to announce the pending sale of our mature, conventional gas business as a way to strengthen our balance sheet and increase our cash to pursue higher-value growth opportunities. Our objective has been to maximise the value of these mature assets, and today's monetisation agreement is a key step towards accomplishing that goal. We have re-tooled Valeura into a lean, shrewd, debt-free machine, focused on value growth," said Chief Executive Officer Sean Guest.

Current stock price: 23.00 pence

Year-to-date change: down 35%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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