Valeura Energy Inc. (TSX: VLE/OTCQX: VLERF) continues to demonstrate its potential with impressive results from its Jasmine oil field. According to a research note by Auctus Advisors LLP, authored by Stephane Foucaud, the company has achieved higher-than-expected production rates and significant reserves upside, marking an exciting chapter in its operational success.
Production at the Jasmine oil field has surged to 9,800 barrels per day (bbl/d) over the past week, following the drilling of five new infill wells. This increase, surpassing expectations by more than 2,000 bbl/d, highlights Valeura’s ability to unlock value through targeted development. These robust results add confidence to the company’s fourth-quarter guidance of maintaining production at approximately 26,000 bbl/d, even when accounting for natural declines.
Additionally, the drilling campaign at Jasmine has uncovered new opportunities. One well encountered multiple additional oil-bearing intervals, which are expected to underpin future infill development. The note emphasises the significance of these findings, with Foucaud stating, “The strong production at Jasmine gives us confidence in the 4Q24 26 mbbl/d production guidance.”
