Valeura Secures Thailand Approval for Gulf Farm-In Deal

Valeura Energy Inc. has received formal approval from Thailand’s Cabinet for its farm-in agreement with PTTEP Energy Development Company Limited, enabling the Canadian energy company to acquire a 40% working interest in offshore exploration blocks G1/65 and G3/65 in the Gulf of Thailand. The deal, structured as a farm-in, grants Valeura the right to participate in the development of these assets, with PTTEP bearing the majority of back-end costs incurred during exploration phases. Under the agreement, Valeura will cover 40% of PTTEP’s expenditures, including seismic surveys and well drilling, with total estimated costs reaching $25.6 million by August 31, 2026. A $1.85 million deposit has already been paid, and Valeura’s share of a $2.8 million 3D seismic acquisition for the Nong Yao Northeast focus area is included in this figure. The remaining costs cover Valeura’s portion of 1,184 km² of 3D seismic data, four exploration wells drilled in 2025, geotechnical studies, license award fees, and development planning work. The approval marks a key milestone in Valeura’s offshore exploration ambitions in Thailand, where the company has previously drilled four wells as part of its 2025 exploration campaign.