SINGAPORE - Aug. 15, 2024 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce first oil production from its Nong Yao C development, in Licence G11/48 (90% operated working interest), offshore Gulf of Thailand.
The first three of the seven Nong Yao C development wells were opened up for oil production on August 15, 2024, with additional wells to be brought online successively thereafter. Ramp up of production volumes will continue in line with the Company's plan to achieve peak production rates of approximately 11,000 bbls/s within the coming weeks, versus recent rates in the first half of August of approximately 7,200 bbls/d (Valeura working interest share, before royalties). Valeura intends to sustain Nong Yao production rates at approximately 11,000 bbls/d for the remainder of the year 2024.
Dr. Sean Guest, President and CEO commented:
"I am very pleased to see first production from Valeura's first organic growth project in the Gulf of Thailand. We have executed an efficient drilling programme, which came in below budget and has achieved all of our geologic objectives, which we will now benefit from as we shore up the Company's total production output with this new production. Moreover, our drilling programme has successfully appraised several upside targets, which we expect will both contribute to reserves and resources when evaluated at year end, and may form the basis of future infill drilling to sustain volumes further into the future."
| 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, Schachter Energy Report, 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.
