Valeura Energy has successfully commenced oil production from the Nong Yao C development located in license G11/48 within the Gulf of Thailand. The first of the seven planned development wells has been brought online, marking a significant milestone for the company. Additional wells are expected to begin production shortly, with the aim of gradually increasing output.
Over the next few weeks, the company anticipates a steady rise in production, which is expected to stabilise at approximately 11,000 barrels per day for the remainder of the year. This production level reflects Valeura’s strategic efforts and successful execution in the region.
President and CEO, Dr Sean Guest, expressed satisfaction with the drilling programme, highlighting its efficiency and cost-effectiveness, as it was completed under budget. He also noted that the programme met all geological objectives and provided valuable insights by appraising several additional targets. These targets are expected to enhance reserves and resources upon evaluation at the end of 2024 and could potentially support further infill drilling to sustain production volumes in the future.
Valeura Energy’s Nong Yao C development in the Gulf of Thailand is off to a strong start, with promising production prospects and potential for continued growth in the region.
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.
