Energy
Monday, December 11th, 2023 4:15 pm EDT
Key Points
- Resumption of Oil Production at Wassana Field: Valeura Energy Inc. has successfully restarted oil production at the Wassana field, located offshore in the Gulf of Thailand. Production operations resumed on December 8, 2023, and the company plans to mobilize its contracted drilling rig to the field to bring additional wells online and increase production volumes.
- Upcoming Infill Drilling Program: Valeura intends to conduct an infill drilling program at the Wassana field, involving the drilling of three production-oriented horizontal development wells. These wells will target deeper reservoir intervals within the field, contributing to the overall growth of production capacity. The company aims to increase production to over 4,000 barrels per day with these drilling activities.
- Longer-Term Redevelopment Plans: Valeura’s President and CEO, Sean Guest, expressed the company’s focus on growth following the resumption of production. The company plans to drill three wells at Wassana, anticipating increased production capacity. Additionally, Valeura is working on a potential longer-term redevelopment of the Wassana field to commercialize appraisal discoveries made in the third quarter of 2023, aiming to add reserves and expand the field’s overall capacity. The concept selection work for this redevelopment is underway, and a final decision is expected in 2024. The company also plans to announce its annual guidance outlook in mid-January 2024, along with an operational update for Q4 2023.
Production resumed safely on December 8, 2023. In the coming days, Valeura intends to mobilise its contracted drilling rig to the field, and once in position, further wells will be brought online to ramp up production volumes. The Company plans to conduct an infill drilling programme comprised of three production-oriented horizontal development wells targeting deeper reservoir intervals within the field.
Sean Guest, President and CEO of Valeura commented:
“I am pleased to see production operations resume at the Wassana field. The immediate contribution of production is a welcome addition to our portfolio, and moreover, with all aspects of the field now being conducted in accordance with our high standards for operational excellence, we are turning our attention immediately to growth. We have a brief window of opportunity in our overall drilling sequence plan to drill three wells at Wassana commencing later this month, which we anticipate will increase production capacity to over 4,000 bbl/d, before re-deploying the rig to our Nong Yao C development early in 2024.
Our team is also working toward a potential longer-term re-development of the Wassana field, to commercialise the two appraisal discoveries we made in 3Q 2023 by adding reserves and expanding the overall capacity of the field. Concept selection work is progressing with excitement as we begin to re-frame the Wassana asset as a meaningful source of organic growth within our portfolio. We anticipate taking a final decision on the expansion in 2024.”
The Wassana field’s oil storage and offloading vessel, the MT Jaka Tarub remains owned by the Buana Lintas Lautan Group, and is chartered by Valeura to store crude oil produced from the field. Three60 Energy Group, an independent energy service company offering complete asset life cycle expertise covering various facets of the global upstream industry, has been appointed to operate the MT Jaka Tarub vessel for the remaining duration of its charter.
2024 Guidance Timing
Valeura intends to announce its annual guidance outlook in mid January 2024, along with an operational update for Q4 2023.
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940Sean Guest, President and CEOYacine Ben-Meriem, CFOContact@valeuraenergy.com
Valeura Energy Inc. (Investor Enquiries) +1 403 975 6752 / +44 7392 940495Robin James Martin, Vice President, Communications and Investor RelationsIR@valeuraenergy.com
Auctus Advisors LLP (Corporate Broker to Valeura) +44 (0) 7711 627 449Jonathan WrightValeura@auctusadvisors.co.uk
CAMARCO (Public Relations, Media Adviser to Valeura) +44 (0) 20 3757 4980Owen Roberts, Billy CleggValeura@camarco.co.uk
About the Company
Valeura Energy Inc. is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Turkey. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.
We seek Safe Harbor.
