Valeura Energy announced three oil discoveries on its assets in the offshore Gulf of Thailand.
The Nong Yao-13 well was drilled to 5,399 ft measured depth (MD) – 3,342 ft true vertical depth (TVD) – and discovered just over 30 ft of new oil pay across several intervals. The result confirms that oil has successfully migrated into this area of the block, a factor that was seen to be a risk in the Nong Yao D area. The particular intervals comprising the discovery are relatively shallow new zones not produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area and further analysis of the seismic data is warranted.
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.
