Valeura Energy Inc. Announces Successful Wassana Drilling and Production Update

CALGARY, AB / ACCESSWIRE / September 18, 2023 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("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 results of two appraisal wells drilled at the Wassana oil field and to provide an update on plans for restart of production operations.

Foto: Accesswire

Highlights

· Two appraisal wells were successfully drilled on flanks of Wassana oil field targeting deeper portions of reservoir;

· Wells A28 and A28-ST1 confirmed net oil pay of 72 ft and 75 ft respectively and were successful in confirming presence of oil deeper than previously proven;

· Valeura is currently re-mapping Wassana to integrate the new data and anticipates that the results will yield an increase in its volumetric estimates and could yield an additional approximately 20 production well locations; and

· On the strength of these results, the Company has commenced a review of development options to expand the production infrastructure which could increase production and extend the field life beyond 2030.

Appraisal wells

Valeura has drilled two appraisal wells on the flanks of the Wassana oil field to test for suspected additional oil accumulations in the field's Tertiary clastic section. Both wells targeted the deeper portions of the reservoir section (2.0 and 2.1 sands), which holds most of the remaining underdeveloped oil reservoirs in the field. The appraisal programme was driven by the fact that an oil-water contact in this section had not yet been penetrated, implying potential for additional down-dip oil volumes. Further, recently reprocessed 3D seismic data suggested upside in a thickening of the reservoir section in the targeted locations. Both wells were successful in fulfilling these objectives and the Company believes the well results indicate the potential for substantial further development of the field which could yield an increase in production and a significant extension of the field's economic life.

The first well, A28, was drilled in the main producing fault block of the field, downdip of existing production wells and encountered 72 ft of net oil pay. While previous reserves estimates were based on a demonstrated oil-down-to depth of 5,517 ft true vertical depth sub-sea ("TVDSS"), the new well has confirmed the presence of oil down to at least 5,594 ft TVDSS, exceeding the Company's expectations for the vertical extent of the oil column. In addition, the well encountered a thicker package of reservoir sands and new oil-filled sands that have not been previously developed.