Valeura Energy Inc. Achieves Significant Drilling Milestones
Drilling Successes at Block B5/27
Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) has recently announced the completion of an extensive drilling campaign at its Licence B5/27, which it operates entirely. This initiative took place in the offshore region of the Gulf of Thailand, a vital area for the company’s ongoing production and development strategies.
Insights from Leadership
Sean Guest, President and CEO of Valeura, expressed optimism regarding the drilling activities undertaken. He stated that Block B5/27 showcases the company's ability to continue commercializing new oil accumulations and to sustain a stable cash flow from its assets. Looking ahead, Valeura expects to demonstrate further reserves in the upcoming evaluation, extending the economic longevity of the field.
Jasmine C Development Wells
From the Jasmine C platform, Valeura successfully drilled two development wells. These wells exceeded expectations in terms of oil production capacity, confirming their status as active producers. The first well, C-30ST1H, involved drilling a horizontal lateral within the 400 sand reservoir. Its innovative completion design incorporated an inflow control device, making it possible to yield oil despite the challenging mixed gas/oil zone.
Multi-zone Success
Another well, C-39, focused on three distinct reservoir intervals (330, 160, and 50 sands) and successfully reached its targets, establishing itself as a multi-zone producer.
Ban Yen A Platform Drilling Review
At the Ban Yen A platform, Valeura executed three wells, two of which were designated as development wells featuring additional appraisal objectives, while the third served as a dedicated appraisal well. Encouragingly, both development wells surpassed initial expectations for total pay and are now contributing positively to production rates.
Innovative Development Strategies
One notable well, BYA-35ST1, was drilled with a focus on maximizing oil extraction from multiple existing reservoirs and successfully established production capabilities across six sand reservoirs sequentially. Management was thrilled to find that the total oil pay was approximately double what was anticipated before drilling began.
Further Drilling on the Jasmine D Platform
Valeura's operations on the Jasmine D platform also yielded positive results with two deviated development wells now actively contributing to production. Well D-44 successfully accessed its primary targets, showcasing additional upside with secondary targets indicating further potential for development in the area.
Multi-zone Potential
Well D-45, targeting three primary zones (250, 245, and 160 sands), also yielded promising results and was completed as a multi-zone producer, indicating a strong opportunity for future drilling campaigns.
Exploration and Future Monitoring at Ratree
The Ratree exploration well intersected its targeted sand reservoirs, but results showed only trace amounts of hydrocarbons, indicating that oil migration to this trend was insufficient. However, Valeura remains committed to exploring additional prospective trends within Block B5/27.
Operational Efficiency and Future Plans
This complete drilling program for Block B5/27 was executed successfully, finishing on time and under budget. As a direct outcome, oil production rates have remained stable, successfully balancing natural declines.
Looking ahead, Valeura has mobilized its contracted drilling rig to the Nong Yao field, where preparations are underway for a development drilling program consisting of approximately ten new wells.
For general corporate inquiries, valeura can be reached at: +65 6373 6940. Specific contact persons include Seann Guest, President and CEO, or Yacine Ben-Meriem, CFO.
About Valeura Energy Inc.
Valeura Energy Inc. is a publicly traded company focused on the exploration and development of oil and natural gas. Its strategic direction is growth-oriented as it continues to reinvest in its extensive asset base while exploring opportunities for further expansion and value creation.
Frequently Asked Questions
1. What recent achievements has Valeura Energy Inc. made?
Valeura successfully completed an eight-well drilling campaign in the Gulf of Thailand, with significant production gains from the Jasmine C and Ban Yen A platforms.
2. How does the recent drilling impact Valeura's cash flow?
The successful drilling projects are expected to maintain a stable and predictable stream of cash flow from the company's assets.
3. What are the future plans for Valeura Energy?
Valeura plans to drill approximately ten development wells in the Nong Yao field, following up on the recent drilling successes.
4. How does Valeura ensure sustainable production?
The company's strategy involves continuous exploration and development, aiming for an extension in the economic life of its producing fields.
5. Where can I find more information about Valeura Energy Inc.?
Additional details about Valeura can be accessed on their official website and through SEDAR+ for investor information.
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