Valeura Energy has restarted oil production from the Wassana Field in the Gulf of Thailand.
Today crude oil was introduced into the field’s processing facilities for the first time in nearly three years, when production was shut down by KrisEnergy. With further wells activated since, rates have started ramping up, and an infill drilling campaign should get underway during the third quarter, targeting additional production of about 5,000 bbl/d.
Palang Sophon has agreed to transfer its 11% in the surrounding license G10/48, making Valeura the 100% owner/operator.
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.