SINGAPORE, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ('Valeura' or the 'Company') is pleased to announce the successful completion of an infill drilling campaign at the Jasmine field in Licence B5/27 (100% operated working interest), offshore Gulf of Thailand.
Dr. Sean Guest, President and CEO commented:
'I am very pleased with our drilling performance at Jasmine, which has resulted in aggregate oil production rates of nearly 10,000 bbls/d (before royalties) over the last seven days. Maintaining oil production at this asset is key to generating ongoing cashflow from our portfolio. In addition, the fact that we continue to see appraisal successes at this relatively mature field bodes well for our objective to further extend the economic life of the asset. We expect the results of these wells, and the recent production rates to be considered as part of our year-end reserves assessment, and to support our target of achieving more than a 100% reserves replacement ratio.'
Valeura drilled a five well programme, comprised of two infill development wells on the Jasmine A platform, completed in September 2024 and previously announced, and more recently, three infill development wells on the Jasmine D platform, which were all successful and have been brought online as producers while also successfully appraising several additional reservoir intervals.
The JSD-42 well drilled a production-oriented primary objective in the 250 sand reservoir, and is believed to be optimally positioned at the crest of the structure. The well was completed as a producer within this zone and has begun producing oil in line with management's expectations. In addition, the JSD-42 well evaluated several secondary appraisal targets, which resulted in five further zones being completed as future producing reservoirs, and also encountered several additional oil-bearing intervals which may be the subject of further infill development drilling in due course.
The JSD-41H and JSD-43H wells were both drilled as horizontal development infills within the 680-1 sand reservoir, with the objective of more efficiently sweeping oil from this already-producing interval. Both wells were geosteered across horizontal intervals measuring over 2,000ft (measured depth), and encountered 100% net sand.
With all five wells completed as producers and online, aggregate oil production from the field has averaged 9,801 bbls/d (before royalties) over the period November 19-25, 2024, an increase of 26% from rates just prior to the new wells coming online (7,764 bbls/d over the period September 6-12, 2024).
Following the Jasmine D infill drilling programme, the Company's contracted drilling rig has been moved to the Manora field on Licence G1/48 (70% working interest), where it has started operations on a five well infill drilling programme, comprised of three production-oriented wells and two appraisals.
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com
Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com
Contact details for the Company's advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company's website at www.valeuraenergy.com/investor-information/analysts/.
About the Company
Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as 'anticipate', 'believe', 'expect', 'plan', 'intend', 'estimate', 'propose', 'project', 'target' or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to, success with Jasmine infill drilling contributing to a further extension of the economic life of the asset and to achieving more than a 100% reserves replacement ratio; additional completed zones within the JSD-42 well becoming future producing reservoirs; and additional oil-bearing intervals within the JSD-42 well becoming the subject further infill development drilling. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.
Forward-looking information is based on management's current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company's lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; royalty rates and taxes; management's estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company's reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company's continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company's work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners' plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company's ability to manage growth; the Company's ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company's tax advisors' and/or auditors' assessment of the Company's cumulative tax losses varies significantly from management's expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management's discussion and analysis of the Company for a detailed discussion of the risk factors.
The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this new release is expressly qualified by this cautionary statement.
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