Calgary-based Valeura Energy Inc. has completed an infill drilling campaign at Nong Yao A and initiated development drilling on the Nong Yao C extension offshore in the Gulf of Thailand. Valeura, holding a 90 percent operated working interest in these fields, drilled two successful production-oriented horizontal wells at the Nong Yao A wellhead platform, both now online as producers. The 37H well, targeting the H12.5 reservoir, is currently producing approximately 500 barrels per day (bpd) of oil and has encountered additional zones for future development. The 38H well, completed in the H4.3 reservoir, produces around 1,000 bpd and has also identified potential additional producible volumes.
The company has moved its drilling rig to the Nong Yao C mobile offshore production unit, commencing batch drilling operations expected to take four months, comprising up to nine wells, including six producers and three water injectors. Valeura anticipates first oil from this development in the third quarter, targeting peak production rates of 11,000 bpd, a 50 percent increase over the first quarter’s 7,307 bpd.
President and CEO Sean Guest expressed satisfaction with the results and the strategic move to enhance production rates ahead of the Nong Yao C development. He highlighted the significance of the Nong Yao C development as Valeura’s first new project in Thailand, expected to drive production growth in the year’s second half. Guest also emphasized the company’s commitment to safety, noting a year of operations without a lost time injury, and reaffirmed their focus on safe and sustainable growth. Valeura Energy Inc. is committed to expanding its petroleum and natural gas operations in Thailand and Türkiye, with a strategy focused on reinvestment and growth in Southeast Asia.
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.
