Valeura Energy announced that as of 15 May, the Jasmine oil field had produced its 90 millionth barrel of oil, greatly exceeding the expectations set at its original development sanction in 2004 of approximately seven million barrels.
According to Sean Guest, the company’s President and CEO, it is “exceptional” that after having recovered more than 12 times that amount since the field’s first production in 2005, Valeura has verified Proved and Probable reserves of more than 10 million barrels and continues to find opportunities for infill drilling aimed at further reserves replacement.
“This is a remarkable achievement for the team who have overseen the ongoing development and maintenance of the Jasmine/Ban Yen oil field,” Guest said.
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.