Valeura delays deadline for Turkish sale
London-listed Valeura Energy has agreed on extending the deadline for completing the sale of its shallow conventional gas business in Turkey's Thrace basin to fellow UK firm TBNG.
The two sides have made progress satisfying the transaction's conditions, Valeura said in a statement on April 15, having obtained one of two needed government consents. But they have agreed to push back the long stop date for the sale from April 19 until July 30, to secure the remaining approval.
"Both parties remain committed to the transaction," Valeura said.
Valeura agreed to sell the shallow gas business to TBNG in October last year for $15.5mn. The company said at the time it was looking to raise cash to fund merger and acquisition activity, and to further appraise its core focus, an undeveloped deep tight gas play in Turkey, which it estimates to hold 20 trillion ft3 in unrisked mean prospective resources.