The Jasmine Field in the Gulf of Thailand has produced its 90MMbbl, according to operator Valeura Energy.
This is far beyond the original expectations of about 7 MMbbl when the development was sanctioned in 2004.
President and CEO Sean Guest said, “This is a remarkable achievement for the team who have overseen the ongoing development and maintenance of the Jasmine/Ban Yen oil field…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 MMbbl barrels and continue to find opportunities for infill drilling aimed at further reserves replacement.”
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.