Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, has announced the successful completion of an infill drilling campaign at its Nong Yao oil field (90% operated working interest), offshore Gulf of Thailand.
The Company has drilled four wells at the Nong Yao A wellhead processing platform, including three production-oriented development wells and one appraisal well. The development wells have encountered targets in line with pre-drill expectations and have been brought online as producers. The appraisal well was designed to delineate the extent of certain reservoir intervals in the field that are currently not producing. Results from the appraisal well have exceeded expectations, with the well confirming approximately 50’ of new net oil pay over several intervals. The Company anticipates this will give rise to between two and four additional development targets, which will form the basis of a future infill drilling campaign.
Sean Guest, President and CEO of Valeura Energy commented:
“I am pleased to see continuing success at the Nong Yao field. This campaign focused on the area first developed at Nong Yao, and illustrates our team’s ability to add volumes through infill drilling and to extend the economic life of our legacy producing assets.
We are also focused on growth. Commercialisation of the Nong Yao C accumulation remains on track for infrastructure installation and development drilling starting in Q1 2024.”
The drilling rig has been mobilised to the Wassana field, where it is currently on location and being positioned to commence drilling a programme of three production-oriented development wells. Thereafter, the rig will return to Nong Yao in Q1 2024 to begin the Nong Yao C development.
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 Energy aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.
