RCS - Valeura Energy Inc. - Successful Completion of Nong Yao Infill Drilling
13/06/2023 08:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230613:nRSM5275Ca&default-theme=true
RNS Number : 5275C Valeura Energy Inc. 13 June 2023
Successful Completion of Nong Yao Infill Drilling
Calgary, June 13, 2023: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the
"Company"), the upstream oil and gas company with assets in the Gulf of
Thailand and the Thrace Basin of Turkey, is pleased to announce the successful
completion of its Nong Yao field infill drilling campaign and recent increases
in oil production.
Valeura has drilled two horizontal infill wells on its Nong Yao oil field at
Licence G11/48 in Thailand, in which the Company holds a 90% operated working
interest. Drilling operations were executed safely, below budget, and ahead
of schedule. The wells encountered approximately 1,000 and 700 ft of net oil
pay in their horizontal sections, respectively, confirming pre-drill reservoir
simulation results. The wells have come onstream as oil producers at a
combined initial gross rate of approximately 1,350 bbls/d.
The impact of the new Nong Yao wells, in addition to contributions from the
Company's Jasmine oil field drilling programme earlier in 2023, has resulted
in aggregate oil production rates from the Company's portfolio during the 11
days of June averaging 23,700 bbls/d (net to the Company's working interest),
an increase of approximately 16% over average Q1 2023 rates from the four
assets.
The Borr Mist drilling rig is now on location at the Manora oil field where
the Company plans to drill three wells aimed at increasing production from the
field and by extension, adding to the economic life of the asset. Upon
completion of operations at Manora, anticipated in early August 2023, the rig
will move to the Wassana field for the Company's five-well infill drilling
programme.
Sean Guest, President and CEO Commented
"Our Nong Yao drilling campaign has been a success and the results bolster our
investment thesis that our assets offer the potential to add further value
through increased production and new reserve additions through targeted infill
drilling. I am pleased with the team's safety performance in executing the
programme and their commitment to efficient operations as evidenced by a
strong cost and schedule outcome. To capitalise on this momentum, we have
adjusted our drilling schedule such that we will now utilise only one rig to
execute all our drilling plans in 2023. This change constitutes an important
operational synergy between the former Mubadala Energy assets and the
KrisEnergy assets. As we continue to integrate the businesses we have
acquired in Thailand, we are identifying more opportunities for efficiency
gains as a further way to add value for our stakeholders."
For further information, please contact:
Valeura Energy Inc. (General Corporate
Enquiries) +1 403 237 7102
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com (mailto: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 (mailto:IR@valeuraenergy.com)
Auctus Advisors LLP (Corporate Broker to
Valeura) +44 (0) 7711 627 449
Jonathan Wright
Valeura@auctusadvisors.co.uk (mailto:Valeura@auctusadvisors.co.uk)
CAMARCO (Public Relations, Media Adviser to Valeura) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg
Valeura@camarco.co.uk (mailto:Valeura@camarco.co.uk)
About the Company
Valeura Energy Inc. is a Canada-based public company engaged in the
exploration, development and production of petroleum and natural gas in
Thailand and in Turkey. 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.
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: the ability
to add production and extend the economic life of the Manora oil field; the
timing of future rig moves and drilling plans; the ability to add further
value through increased production and new reserve additions; and the ongoing
integration of the businesses acquired in Thailand and potential to
identifying more opportunities for efficiency gains.
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; 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;
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 AIF and MD&A for a detailed discussion of the risk
factors.
Certain forward-looking information in this news release may also constitute
"financial outlook" within the meaning of applicable securities legislation.
Financial outlook involves statements about Valeura's prospective financial
performance or position and is based on and subject to the assumptions and
risk factors described above in respect of forward-looking information
generally as well as any other specific assumptions and risk factors in
relation to such financial outlook noted in this news release. Such
assumptions are based on management's assessment of the relevant information
currently available, and any financial outlook included in this news release
is made as of the date hereof and provided for the purpose of helping readers
understand Valeura's current expectations and plans for the future. Readers
are cautioned that reliance on any financial outlook may not be appropriate
for other purposes or in other circumstances and that the risk factors
described above or other factors may cause actual results to differ materially
from any financial outlook.
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.
Additional information relating to Valeura is also available on SEDAR at
www.sedar.com
(https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00014898)
.
This news release does not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction, including where such offer
would be unlawful. This news release is not for distribution or release,
directly or indirectly, in or into the United States, Ireland, the Republic of
South Africa or Japan or any other jurisdiction in which its publication or
distribution would be unlawful.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NRAGPUGWQUPWUAW