Canadian oil and gas company Valeura Energy has made three oil discoveries on its assets in the offshore Gulf of Thailand.
The Nong Yao-13 well was drilled to 5,399ft measured depth and more than 30ft of new oil resources were discovered across several intervals. In a press statement, the company noted that the result confirmed that oil has successfully migrated into this area of the block, an area which Valeura felt was at risk of containing nothing.
According to Valeura, reservoirs containing similar oil reserves are recurring across the Nong Yoa area and will be investigated further. Additional work includes follow-up exploration and appraisal drilling in the vicinity, with the objective of amassing sufficient volumes to justify future development.
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.
