Valeura Energy Inc.

Three Oil Discoveries in the Gulf of Thailand

SINGAPORE, April 15, 2024 (GLOBE NEWSWIRE) -- 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 Türkiye, is pleased to announce three oil discoveries on its assets in the offshore Gulf of Thailand.

Sean Guest, President and CEO commented:

"I am pleased to announce that our exploration drilling campaign has resulted in three new oil discoveries, one in the Nong Yao D area, and two in the north-east portion of the Wassana concession. 

As we continue to pursue adding value through growth, near-field exploration forms an important part of sizing up the organic potential of our assets. With successful results like these, the opportunity set before us is continuing to expand.   

Following this exploration drilling campaign we are returning to both infill drilling and development work, which is intended to increase production rates over the coming months to support cash flow generation, particularly as we see benchmark oil prices rise to new highs for this year. We are also planning for further exploration drilling elsewhere in our portfolio later in the year."

Nong Yao D

The Nong Yao-13 well (G11/48 concession, 90% working interest) was drilled to 5,399 feet measured depth ("MD") (3,342 feet true vertical depth ("TVD")) and discovered just over 30 feet of new oil pay across several intervals.  Importantly, this result confirms that oil has successfully migrated into this area of the block, a factor that was seen to be a risk in the Nong Yao D area. The particular intervals comprising the discovery are relatively shallow new zones which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area and further analysis on the seismic data is warranted. This work will seek out potential locations for follow-up exploration and appraisal drilling in the vicinity, with the ultimate objective of amassing sufficient volumes to justify a future development.

Niramai and Wassana North

Two wells were drilled north of the Wassana oil field (G10/48 concession, 100% interest) with the objective of identifying sufficient oil volumes in this northern area of the block to justify a future development project. The Niramai-4 well was an exploration/appraisal well approximately one kilometre north-east of the successful Niramai-1 oil discovery, which was originally drilled in 2009. The Niramai-4 well was drilled to 7,312 feet MD (5,581 feet TVD) and discovered over 90 feet of new oil pay across two key reservoirs.