SINGAPORE - Aug. 02, 2024 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce the planned restart of production operations at the Wassana field, offshore Gulf of Thailand.
Valeura implemented a precautionary suspension of oil production on June 28, 2024 to ensure a safe situation while inspecting an anomaly identified on one of the steel jack-up legs of the field's mobile offshore production unit ("MOPU"). Through advanced underwater inspection, including magnetic particle inspection, the Company has concluded that the observed anomaly (a crack within a weld) is superficial, and accordingly does not constitute a risk to the structural integrity of the facility.
The Company has begun the process of restarting production operations, and anticipates achieving pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within the week.
Valeura will continue to operate within its strict safety standards and will continue utilising regular underwater inspections of its facilities and vessels to assure ongoing asset integrity requirements are met.
Sean Guest, President and CEO commented:
"I am pleased to be able to chart a clear way forward for the Wassana field which entails resuming production as soon as possible. Our team of professionals have worked rapidly to confirm the integrity of our MOPU, providing the critical assurance we need to continue operating safely.
At the same time, we are pursuing growth aggressively across our portfolio, including the larger-scale redevelopment of the Wassana asset. Front-end engineering and design work is progressing, and we are targeting readiness for a final investment decision on the project at approximately end 2024."
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 Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com
CAMARCO (Public Relations, Media Adviser to Valeura) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg
Valeura@camarco.co.uk
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 Valeura
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.