Valeura Energy Inc. drilled two appraisal wells at Wassana oil field in license G10/48 in Pattani basin, Gulf of Thailand. The results show that additional production wells are viable within the reservoir which could extend the field’s economic life.
The two appraisal wells are on the flanks of the field and were designed to test for suspected additional oil accumulations in the field’s Tertiary clastic section. Both wells targeted the deeper portions of the reservoir section (2.0 and 2.1 sands) which holds most of the remaining underdeveloped oil reservoirs in the field.
The appraisal program was designed to penetrate the oil-water contact in this section to access additional potential down-dip oil volumes. Recently reprocessed 3D seismic data also suggests an upside in a thickening of the reservoir section in the targeted locations. Both wells were successful in fulfilling these objectives.
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.
