Wassana Production Re-Start

Valeura Energy Inc. (“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 re-start of oil production at the Wassana field, offshore Gulf of Thailand.

Production resumed safely on December 8, 2023. In the coming days, Valeura intends to mobilise its contracted drilling rig to the field, and once in position, further wells will be brought online to ramp up production volumes. The Company plans to conduct an infill drilling programme comprised of three production-oriented horizontal development wells targeting deeper reservoir intervals within the field.

Sean Guest, President and CEO of Valeura commented:
“I am pleased to see production operations resume at the Wassana field. The immediate contribution of production is a welcome addition to our portfolio, and moreover, with all aspects of the field now being conducted in accordance with our high standards for operational excellence, we are turning our attention immediately to growth. We have a brief window of opportunity in our overall drilling sequence plan to drill three wells at Wassana commencing later this month, which we anticipate will increase production capacity to over 4,000 bbl/d, before re-deploying the rig to our Nong Yao C development early in 2024.

Our team is also working toward a potential longer-term re-development of the Wassana field, to commercialise the two appraisal discoveries we made in 3Q 2023 by adding reserves and expanding the overall capacity of the field. Concept selection work is progressing with excitement as we begin to re-frame the Wassana asset as a meaningful source of organic growth within our portfolio. We anticipate taking a final decision on the expansion in 2024.”

The Wassana field’s oil storage and offloading vessel, the MT Jaka Tarub remains owned by the Buana Lintas Lautan Group, and is chartered by Valeura to store crude oil produced from the field. Three60 Energy Group, an independent energy service company offering complete asset life cycle expertise covering various facets of the global upstream industry, has been appointed to operate the MT Jaka Tarub vessel for the remaining duration of its charter.

2024 Guidance Timing
Valeura intends to announce its annual guidance outlook in mid January 2024, along with an operational update for Q4 2023.

About Valeura Energy Inc.
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 more information, visit www.sedarplus.ca.