| Work Detail |
Canada-based oil and gas company Valeura Energy has completed the internal restructuring operation, transferring its working interests in the Nong Yao, Manora and Wassana fields to its wholly-owned Thailand subsidiary.
Valeuras working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields, are now held by Valeura Energy (Thailand) Ltd, which previously had only held an interest in the Wassana asset.
The company anticipates that the new structure offers the potential to optimize various operational and financial aspects of these assets.
In particular, Valeura anticipates realizing efficiencies through ongoing contracting and procurement, as well as the pooling of future costs and historical tax loss carry-forwards associated with these assets.
As of September 30, 2024, the cumulative tax loss carry-forwards are estimated at $397 million.
"Today marks a milestone in delivering value for our shareholders, and completes the integration work we started after our Gulf of Thailand acquisitions in 2022 and 2023.
“Early on, we identified the potential for greater efficiency by bringing our Thai III assets together through a re-organization; our team recognized that together, these assets are worth more than the sum of their parts.
“Pursuing this type of synergy strengthens our ability to re-invest in the business for the benefit of all stakeholders. We intend to continue investing directly into the many organic growth opportunities inherent in our Thailand portfolio, and also seeking new ways to provide further value, including through acquisition-led growth,” said Sean Guest, President and CEO.
Under Thailands income tax provisions, from today forward, petroleum income tax for the three subject assets will be assessed as a single entity.
Tax obligations relating to the previous subsidiary company arrangement are required to be assessed immediately and settled within the next 30 days.
Taxation arrangements for the Jasmine field, which is governed by a different vintage of fiscal terms (known as Thai I), and held in a separate subsidiary entity, will continue unchanged, the company noted. |
