Valeura Energy Inc (TSX:VLE, OTCQX:VLERF) has announced the successful completion of an infill drilling campaign at the Jasmine field in Licence B5/27 (100% operated working interest), offshore Gulf of Thailand.
Dr. Sean Guest, Valeura Energy President and CEO commented:
“I am very pleased with our drilling performance at Jasmine, which has resulted in aggregate oil production rates of nearly 10,000 bbls/d (before royalties) over the last seven days. Maintaining oil production at this asset is key to generating ongoing cashflow from our portfolio. In addition, the fact that we continue to see appraisal successes at this relatively mature field bodes well for our objective to further extend the economic life of the asset. We expect the results of these wells, and the recent production rates to be considered as part of our year-end reserves assessment, and to support our target of achieving more than a 100% reserves replacement ratio.”
Valeura Energy drilled a five well programme, comprised of two infill development wells on the Jasmine A platform, completed in September 2024 and previously announced, and more recently, three infill development wells on the Jasmine D platform, which were all successful and have been brought online as producers while also successfully appraising several additional reservoir intervals.
The JSD-42 well drilled a production-oriented primary objective in the 250 sand reservoir, and is believed to be optimally positioned at the crest of the structure. The well was completed as a producer within this zone and has begun producing oil in line with management’s expectations. In addition, the JSD-42 well evaluated several secondary appraisal targets, which resulted in five further zones being completed as future producing reservoirs, and also encountered several additional oil-bearing intervals which may be the subject of further infill development drilling in due course.
The JSD-41H and JSD-43H wells were both drilled as horizontal development infills within the 680-1 sand reservoir, with the objective of more efficiently sweeping oil from this already-producing interval. Both wells were geosteered across horizontal intervals measuring over 2,000ft (measured depth), and encountered 100% net sand.
With all five wells completed as producers and online, aggregate oil production from the field has averaged 9,801 bbls/d (before royalties) over the period November 19-25, 2024, an increase of 26% from rates just prior to the new wells coming online (7,764 bbls/d over the period September 6-12, 2024).
Following the Jasmine D infill drilling programme, the Company’s contracted drilling rig has been moved to the Manora field on Licence G1/48 (70% working interest), where it has started operations on a five well infill drilling programme, comprised of three production-oriented wells and two appraisals
