Our History

About | Our History

History of Calvalley

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


Yung Holding Ltd., a strong and experienced group of investors, acquires 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. 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.