Canada-based oil and gas company Valeura Energy has pulled off a hat trick in the Gulf of Thailand by making three new offshore oil discoveries during its drilling campaign.
As a result of a recent expansion of its drilling program, Valeura disclosed plans to continue drilling on the Wassana field to a total of five wells, after which Borr Drilling’s Mist rig would mobilize to the Nong Yao field to begin Nong Yao C development drilling. At the end of December 2023, the company disclosed that the rig would return to Nong Yao in 1Q 2024.
According to the Canadian firm, two wells have been drilled north of the Wassana oil field in the G10/48 concession to identify sufficient oil volumes in this northern area of the block with the aim of justifying a future development project.
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.
