Wood Resigns from Valeura Energy Inc. Board to Pursue Full-time Senior Management Role

Valeura Energy Inc., the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, on Wednesday announced the departure from its board of directors of independent director, Kimberley Wood, effective September 18, 2023.

Wood has accepted a senior management role with another company and has indicated that her new responsibilities are expected to constitute a full-time workload.  Accordingly, she has opted to resign from the Board.

Tim Marchant, Chairman of the Board said: "I would like to thank Kim for her strong support of our Company and the valuable insight she has provided our Board.  Over the past four and a half years we have benefitted from her customary thoughtful and pragmatic independent counsel, which has been particularly apparent as we navigated the challenging transition from being a small producer in Turkey to becoming a significant force in the Thailand upstream sector.  Her presence will be missed, and on behalf of the Board, I wish her well in her new role.

Looking forward, we will continue to ensure the composition of the Board and the independent advice each member brings to the table is well-suited to supporting our evolving business needs.”

Wassana - New Sub-contractor for FSO

Earlier this week, Valeura reminded it had suspended production operations at the Wassana field in the Gulf of Thailand in July in order to undertake a review of safety and operating practices of the field’s third-party-owned and operated floating storage and offloading vessel (“FSO”). 

"As a result of this review, Valeura and the FSO’s third-party owner have opted to select a new sub-contractor to operate the FSO going forward and are working together to formalise the engagement.  The Company intends to implement a phased transition plan resulting in production resuming in Q4 2023," Valeura said.

Valeura also said it had drilled two appraisal wells on the flanks of the Wassana oil field to test for suspected additional oil accumulations in the field’s Tertiary clastic section. Both wells were successful in fulfilling these objectives and the Company believes the well results indicate the potential for substantial further development of the field which could yield an increase in production and a significant extension of the field’s economic life, the company said.

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