Valeura Energy Inc. (TSX:VLE), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, has announced a production milestone from its Jasmine oil field in the Gulf of Thailand.
As of May 15, 2023, the Jasmine oil field produced its 90 millionth barrel of oil, greatly exceeding the expectations set for the field at its original development sanction in 2004 of approximately seven million barrels.
Sean Guest, Valeura President and CEO Commented
“This is a remarkable achievement for the team who have overseen the ongoing development and maintenance of the Jasmine/Ban Yen oil field. While much of the field’s life has been under the leadership of the previous operator, it is with great pride that we can say this outstanding group is now part of the Valeura organisation. I am grateful to the team’s steadfast commitment to safe operations and efficient delivery of value from this, our largest producing asset.
The Jasmine field is an excellent example of the potential for reserves replacement within the Gulf of Thailand. At its original development sanction, Jasmine was believed to have oil reserves of approximately seven million barrels. In our view, it is exceptional that after having recovered more than 12 times that amount since its first production in 2005, we have verified Proved and Probable reserves of more than 10 million barrels and continue to find opportunities for infill drilling aimed at further reserves replacement. Drilling operations to date in 2023 have both increased production rates and identified new development targets which will form the basis of a work plan for 2024 and beyond.
At the same time, we believe the stability provided by Thailand’s upstream regime creates a platform that is conducive to ongoing investment, with consistent application of fiscal terms, unchanged since the concession was originally granted. We are pleased to have already established a positive working relationship with our upstream regulators and feel strongly that our interests are aligned in striving to support Thailand’s national energy security.”
About Valeura Energy
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.
