Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, has announced the results of two appraisal wells drilled at the Wassana oil field and to provide an update on plans for restart of production operations.
· Two appraisal wells were successfully drilled on flanks of Wassana oil field targeting deeper portions of reservoir;
· Wells A28 and A28-ST1 confirmed net oil pay of 72 ft and 75 ft respectively and were successful in confirming presence of oil deeper than previously proven;
· Valeura is currently re-mapping Wassana to integrate the new data and anticipates that the results will yield an increase in its volumetric estimates and could yield an additional approximately 20 production well locations; and
· On the strength of these results, the Company has commenced a review of development options to expand the production infrastructure which could increase production and extend the field life beyond 2030.