Valeura Energy is advancing two offshore developments in the Gulf of Thailand, following an oil discovery near its producing Manora field and a final investment decision on the first phase of the Bussabong gas project.
The Suraphi discovery, announced in September 2026, was made through the Manora-9 exploration well and associated sidetracks in Block G1/48, approximately 4.5 kilometres north-east of the Manora A platform. Valeura holds a 70% operated working interest in the block.
Drilling identified oil-bearing sandstone reservoirs across two fault blocks. The E prospect encountered 162 feet of net oil pay, while the adjacent D prospect recorded 172 feet, giving a combined total of 334 feet.
The results exceeded the company’s pre-drill estimates and have prompted development planning for a potential satellite facility. Valeura is also assessing the nearby Malida field, which could offer further development opportunities in the area.
Using existing Manora processing infrastructure could allow Suraphi production to be developed without requiring an entirely separate processing facility. The discovery may therefore extend the productive life of the wider Manora area, although further engineering and development work will be required before a commercial project can proceed.
Separately, Valeura and its partner PTTEP Energy Development Company have taken a final investment decision on Phase 1 of the Bussabong gas field development in Block G3/65. Valeura holds a 40% non-operated working interest.
The initial development will comprise two gas wellhead platforms, each with 24 well slots, connected to existing processing infrastructure at the Bongkot gas field by a subsea pipeline approximately nine kilometres long.
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.
