Valeura Energy has made a new oil discovery at Suraphi offshore Thailand and is moving directly into development planning, adding another potential satellite project to its Gulf of Thailand portfolio.
The Suraphi discovery was made through the Manora-9 exploration well and sidetracks, around 4.5 kilometres northeast of the producing Manora A platform.
Two targets encountered significant oil-bearing sandstone. The D prospect found 172 feet of net oil pay within an 849-foot gross oil column, while the E prospect encountered 162 feet of net oil pay across a 626-foot gross column. A third sidetrack targeting a shallower prospect did not find hydrocarbons.
Valeura now plans to assess a satellite development linked to existing Manora infrastructure. That approach could reduce the need for standalone facilities and provide a more efficient route to production if the project advances.
The company is also reviewing whether the nearby Malida oil field could be incorporated into the same development. Malida lies around 3.5 kilometres east of Suraphi and has not previously had a clear standalone development route. A Suraphi development could provide new infrastructure options for the field.
The drilling results may also improve the case for further exploration in the surrounding area. Valeura said the programme reduced geological uncertainty around an adjacent fault block identified on 3D seismic and provided additional information on reservoir thickness and oil migration.
The discovery follows completion of a four-well drilling campaign at the Jasmine field. Two wells were drilled from the Jasmine C platform and two from Jasmine D, combining development and appraisal objectives.
Following the campaign, Jasmine production increased from approximately 7,570 barrels of oil per day before royalties during the seven days before the new wells came onstream to approximately 8,250 barrels per day during the seven-day period after all four wells were producing.
Valeura is now preparing for its next drilling phase. The Mist jack-up rig is being demobilised, while drilling is scheduled to restart in early November 2026 using the Enterprise rig.
The next programme is expected to begin at the Nong Yao field in Block G11/48 before moving to development drilling at Wassana in Block G10/48.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
