RCS - Valeura Energy Inc. - Manora Drilling Update

Valeura EnergyAnnouncement

03/03/2025 08:15

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RNS Number : 0544Z  Valeura Energy Inc.  03 March 2025

Manora Drilling Update

 

Singapore, March 3, 2025: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF)
("Valeura" or the "Company") is pleased to announce the successful completion
of an infill drilling campaign at the Manora field in Licence G1/48 (70%
operated working interest), offshore Gulf of Thailand.

 

 

Dr. Sean Guest, President and CEO commented:

"Our most recent drilling at Manora has both increased oil production rates
and successfully appraised additional targets which will form the basis of
future infill development drilling.  While the Manora field accounts for only
about 10% of our year-to-date production, it is an excellent example of the
potential for Gulf of Thailand fields to add many years of economic field life
through targeted ongoing activity.  In 2025 we intend to pursue a full year
of drilling operations across our portfolio, aimed at continuing our proven
track record of adding reserves year on year to support continued cash flow
generation."

 

 

Valeura drilled a five well programme, comprised of three production-oriented
infill development wells and two appraisal wells.  In aggregate, the
Company's Manora field working interest share oil production before royalties
has increased from 2,144 bbls/d (December 2024 average) to 2,866 bbls/d for
the last 14-day period.  Additionally, the appraisal objectives of the
campaign have yielded between three and five potential future drilling
targets, which will be further evaluated for inclusion in a future drilling
programme.

 

The A34 well was drilled for infill development targets within the deep
600-series sands in the field's eastern fault block.  The well was successful
and has been completed as a multi-zone comingled producer.

 

The horizontal A38 well was also drilled into the eastern fault block, with
the objective of developing the shallower 300-series sands.  It was completed
as a producer, with the well design incorporating an innovative downhole
autonomous inflow control device ("ICD") to manage water vs oil production.
 The Company is monitoring the impact of this, and other ICDs deployed
elsewhere on its fields, to optimise the application of this technology across
the portfolio.

 

The A36 well targeted sands across several known producing intervals in the
field's main fault block and has been completed as a multi-zone infill
development well.  As is normal in many multi-zone wells, only the deepest
targets are currently producing and the shallower zones will be brought on
production later.

 

The A35 well successfully appraised several zones of interest within the
shallower 300-series sands.  While this appraisal well will not be used a
producer (and accordingly has been plugged and abandoned), the results
encountered have indicated the potential for three further development wells
within this reservoir section, which will now be further studied and modelled
for inclusion in future development drilling.

 

The horizontal A37 well was drilled as a combination appraisal and development
well.  The well encountered an encouraging appraisal target in the 500-series
sands, which is now being matured for inclusion in a future drilling campaign.
 The well's development target, within the deeper 600-series sands was
completed as a producer.

 

 

Following completion of the Manora drilling campaign, the Company's contracted
drilling rig has mobilised to Licence B5/27 (100% operated interest) where it
is currently conducting a drilling programme on the Jasmine C wellhead
platform.

 

 

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 (mailto:Contact@valeuraenergy.com)

 

Valeura Energy Inc. (Investor and Media
Enquiries)                       +1 403 975 6752 / +44
7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com (mailto:IR@valeuraenergy.com)

 

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/
(http://www.valeuraenergy.com/investor-information/analysts/) .

 

 

About the Company

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.

Additional information relating to Valeura is also available on SEDAR+ at
www.sedarplus.ca (http://www.sedarplus.ca) .

 

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 potential for successfully appraised targets to form the basis of
further infill development drilling, and the number of future drilling
targets; the Company's intention to pursue a full year of drilling operations
across its portfolio in 2025; and the Company's expectation to bring shallower
zones on production later in the A36 well.  In addition, statements related
to "reserves" and "resources" are deemed to be forward-looking information as
they involve the implied assessment, based on certain estimates and
assumptions, that the resources can be discovered and profitably produced in
the future.

 

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 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;
ability to achieve extensions to licences in Thailand and Türkiye to support
attractive development and resource recovery; 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; the impact of conflicts in the Middle East; royalty rates
and taxes; management's estimate of cumulative tax losses being correct;
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 availability and
identification of mergers and acquisition opportunities; the ability to
successfully negotiate and complete any mergers and acquisition opportunities;
the ability to efficiently integrate assets and employees acquired through
acquisitions; global energy policies going forward; international trade
policies; 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; the
risk that the Company's tax advisors' and/or auditors' assessment of the
Company's cumulative tax losses varies significantly from management's
expectations of the same; 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, including international treaties and trade policies; 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 annual information form and management's discussion and
analysis of the Company 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 news 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 news
release is expressly qualified by this cautionary statement.

 

 

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.

 

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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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