1991
Calvalley Petroleum Inc. is federally incorporated in Canada. Following initial operations in Western Canada, Calvalley Petroleum Inc. begins exploring upstream opportunities in Yemen during the mid-1990s.
1997
Calvalley Petroleum Inc. enters into the Block 9 (Malik Block) Production Sharing Agreement (PSA) with the government of the Republic of Yemen.
2000
Given that the Block 9 operations were outside of Canada, Calvalley Petroleum Inc. establishes a wholly owned subsidiary, Calvalley Petroleum Cyprus Ltd., (defined in this brochure as “Calvalley”) to which the 50% share of the PSA is assigned.
2002
Hoodoil Limited and Reliance Industries Ltd. each acquire a participating interest in the PSA. Calvalley Petroleum Cyprus Ltd. is appointed Operator and a joint operating agreement was entered into between the partners.
Calvalley Petroleum Inc., the parent company, is listed on the Toronto Stock Exchange, retaining control of Calvalley as subsidiary.
2005
Declaration of commerciality is issued.
2012
A subsidiary of Indonesia’s Medco Energi purchases a 25% interest in Block 9 from Reliance Industries Ltd.
2014
During 2013 and 2014 the conflict in Yemen made it increasingly difficult for Calvalley Petroleum Cyprus Ltd. to carry out operations. After extensive deliberations, the Board of Directors of Calvalley Petroleum Inc., the parent company, determined that it would be appropriate to provide shareholders with the opportunity to choose whether to continue their investment in Yemen.
2015
Hostilities in Yemen escalate; with operations impossible, force majeure is declared. Judging it probable that force majeure would continue for an extended period, the Alberta Court of Queen’s Bench approves a plan of arrangement offering shareholders the option to receive a cash distribution or remain in the project.
Calvalley Petroleum Inc. delists with high levels of working capital, maintaining ownership of Calvalley Petroleum Cyprus Ltd. (TEV to add sentence on the PoA)
2016
Following the plan of arrangement, Yung Holding Ltd. acquires all issued and outstanding shares in Calvalley Petroleum Cyprus Ltd., which remains operator of Block 9. Through this acquisition, the business gains fresh expertise and investment for an exciting phase of expansion and development towards reaching its full potential.
2018
Calvalley Petroleum Cyprus Ltd. initiates steps to resume production on Block 9.
2019
Production is successfully resumed in July 2019.
