17th Oct 2019 10:38
(Alliance News) - Oil & gas firm Valeura Energy Inc on Thursday reassured Turkish military operations in Syria, and subsequent US sanctions, are not affecting operations.
All of Calgary, Canada-based Valeura's assets are in Turkey's Thrace basin, in the European part of Turkey.
Turkey last week began an operation to drive back Syrian Kurdish militants from northern Syria, after the US pulled 1,000 troops out of the area.
The US is prepared to ratchet up economic pressure on Ankara if Turkish forces do not agree to cease their offensive, US Treasury Secretary Steven Mnuchin said Wednesday.
Valeura said all of its people and assets remain safe, given they are more than 1,000 kilometres from the Turkey-Syria border.
The firm also said external legal advice has advised it that ongoing operations will be unaffected by any US sanctions.
"The company continues to actively monitor the situation and, if required, may take measures to ensure its operations remain conducted in such a manner as to not trigger sanctions imposed by the government of the US," said Valeura.
"Ensuring security, safety, and business continuity is a high priority for Valeura, and accordingly, the company remains vigilant in monitoring the prevailing situation in Turkey to identify and manage risks to its people, assets, and ongoing operations. Business is proceeding as usual."
Valeura shares were untraded on Thursday in London, last quoted at 120 pence each.
By George Collard; [email protected]
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