Valeura Energy Inc (TSX:VLE, OTCQX:VLERF) has announced the successful ramp-up of oil production at its Nong Yao C development, in Licence G11/48 , offshore Gulf of Thailand.
The greater Nong Yao complex is now operating at its full processing capacity, with stable average production over the past seven days of 13.4 mbbls/d (12.1 mbbls/d net to the Company’s 90% working interest share, before royalties). This production, when combined with the Wassana field being back online has resulted in stable aggregate oil production over the past week of 26.2 mbbls/d (Company’s working interest share, before royalties).
Dr. Sean Guest, Valeura Energy President and CEO commented:
“I am very pleased to see the Nong Yao complex operating at its full capacity just two weeks after we announced first production from the Nong Yao C development. Commissioning of the new facility and the ramp up in production proceeded rapidly, and without incident. Production has been stable for the past week from six of the development wells. A seventh well is expected to be started within the coming weeks, to create spare production capacity.
With this organic growth project now coming to fruition, and stable operations across the rest of the portfolio, including the Wassana field, our total working interest share production has averaged 26.2 mbbls/d (before royalties) over the last seven days.
Moreover, our work programme for the remainder of the year entails drilling infill development wells at both the Jasmine and Manora fields to offset declines, and to bolster our plan to maintain production at approximately 25 mbbls/d for at least the next four months.
As evidenced by our recent financial results for the period ending June 30, 2024, we are a strongly cash generative business, and are continually evaluating how to deploy our net cash to best add value for our many shareholders.”
