Our history represents the journey we have been on: the experience, the milestones, the value and most importantly the people that make up Calvalley as it is today.
1997
Calvalley Petroleum Inc. enters
into the Block 9 (Malik Block)
Production Sharing Agreement
(PSA) with the government of
the Republic of Yemen
2000
Calvalley Petroleum Inc. establishes a wholly owned subsidiary, Calvalley Petroleum Cyprus Ltd., (defined in
this brochure as “Calvalley”) to be the Operator of Block 9, to which the 50% share of the PSA is assigned.
2002
Hoodoil Limited and Reliance
Industries Ltd. each acquire a
25% interest in the PSA.
Calvalley Petroleum Inc., the
parent company, is listed on the
Toronto Stock Exchange.
2005
Declaration of commerciality is issued.
2012
Medco Energi purchases 25% interest in Block 9 from Reliance Industries Ltd.
2015
Hostilities in Yemen escalate and force majeure is declared.
Calvalley Petroleum Inc. delists with high levels of working capital, maintaining ownership of Calvalley Petroleum Cyprus Ltd.
2016
A Strong and Experienced group of investors, acquires Calvalley Petroleum Cyprus Ltd., which remains operator of Block 9. Through this acquistion, the business gains fresh expertise and investment for an exciting phase of expansion and development towards reaching its full potential. New members are brought in to the Board of Directors and executive management. Additional investments are made in Block 9 in order to resume production.
2019
Production is successfully resumed in Block 9.
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