Valeura Energy has drilled two successful appraisal wells on the flanks of the Wassana oil field in the Gulf of Thailand, the goal being to test for suspected additional oil accumulations in the Tertiary clastic section.
Both wells targeted the deeper portions of the 2.0 and 2.1 sands that hold most of the field’s remaining oil reservoirs in the field. Prior drilling had not established an oil-water contact in this section, implying potential for further downdip oil volumes.
The first well, A28, drilled in Wassana’s main producing fault block, downdip of existing production wells, encountered 72 ft of net oil pay and the presence of oil down to at least 5,594 ft TVDSS, exceeding expectations for the vertical extent of the oil column.
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.
