Valeura Energy Wins Thai Cabinet Approval for Gulf of Thailand Farm-In

15 September 2026
Edited By: Haley McQueen

Valeura Energy Inc. (Valeura) has announced that the Cabinet of the Government of Thailand has granted executive approval for the transfer of interest from PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP) to Valeura, in connection with its strategic farm-in agreement (the Farm-in) to blocks G1/65 and G3/65 (the Blocks) in the offshore Gulf of Thailand.

Under the terms of the Farm-in, Valeura is to earn a 40% undivided working interest in the Blocks by paying to PTTEP 40% of the back costs incurred, plus the cost of a 163 km2 3D seismic acquisition over the Nong Yao Northeast focus area (carried by Valeura). Total costs to be paid by Valeura were estimated at $25.6 million as of August 31, 2026. This includes a deposit amount of $1.85 million already paid, and includes $2.8 million in respect of the aforementioned carried 3D seismic acquisition in addition to its share of back costs for 1,184 km2 of 3D seismic acquired over other focus areas on the Blocks, four exploration wells drilled in 2025, geotechnical studies, license award fees, and development planning work.

As contemplated in the Farm-in, Valeura and PTTEP are continuing to share information with each other to support planning the next phases of development and exploration on the Blocks. The Company intends to provide further details in due course.