RCS - Valeura Energy Inc. - Jasmine Oil Field 90 Million Barrel Milestone

Valeura EnergyAnnouncement

17/05/2023 08:15

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RNS Number : 7034Z  Valeura Energy Inc.  17 May 2023

Jasmine Oil Field 90 Million Barrel Milestone

Calgary, May 17, 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 a production
milestone from its Jasmine oil field in the Gulf of Thailand.

As of May 15, 2023, the Jasmine oil field produced its 90 millionth barrel of
oil, greatly exceeding the expectations set for the field at its original
development sanction in 2004 of approximately seven million barrels.

 

Sean Guest, President and CEO Commented

"This is a remarkable achievement for the team who have overseen the ongoing
development and maintenance of the Jasmine/Ban Yen oil field.  While much of
the field's life has been under the leadership of the previous operator, it is
with great pride that we can say this outstanding group is now part of the
Valeura organisation.  I am grateful to the team's steadfast commitment to
safe operations and efficient delivery of value from this, our largest
producing asset.

The Jasmine field is an excellent example of the potential for reserves
replacement within the Gulf of Thailand.   At its original development
sanction, Jasmine was believed to have oil reserves of approximately seven
million barrels.  In our view, it is exceptional that after having recovered
more than 12 times that amount since its first production in 2005, we have
verified Proved and Probable reserves of more than 10 million barrels and
continue to find opportunities for infill drilling aimed at further reserves
replacement.  Drilling operations to date in 2023 have both increased
production rates and identified new development targets which will form the
basis of a work plan for 2024 and beyond.

At the same time, we believe the stability provided by Thailand's upstream
regime creates a platform that is conducive to ongoing investment, with
consistent application of fiscal terms, unchanged since the concession was
originally granted.  We are pleased to have already established a positive
working relationship with our upstream regulators and feel strongly that our
interests are aligned in striving to support Thailand's national energy
security."

 

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.

 

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)

 

Oil and Gas Advisories

Reserves disclosed in this news release are based on an independent evaluation
conducted by the incumbent independent petroleum engineering firm, NSAI with
an effective date of December 31, 2022. The NSAI estimates of reserves were
prepared using guidelines outlined in the Canadian Oil and Gas Evaluation
Handbook and in accordance with National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities. The reserves estimates disclosed in
this news release are estimates only and there is no guarantee that the
estimated reserves and contingent resources will be recovered.

Reserves are estimated remaining quantities of commercially recoverable oil,
natural gas, and related substances anticipated to be recoverable from known
accumulations, as of a given date, based on the analysis of drilling,
geological, geophysical, and engineering data, the use of established
technology, and specified economic conditions, which are generally accepted as
being reasonable. Reserves are further categorised according to the level of
certainty associated with the estimates and may be sub-classified based on
development and production status.

Proved reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves.

Probable reserves are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves.

 

 

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 identify further opportunities for infill drilling and to replace reserves;
and the expectation that the results of 2023 infill drilling will form the
basis of a work plan for 2024 and beyond. In addition, statements related to
"reserves" are deemed to be forward-looking information as they involve the
implied assessment, based on certain estimates and assumptions, that the
reserves can be profitably produced in the future.

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.

 

 

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