RE:RE:The ShakeoutYes but a lot of news coming in the next few months. There is no other International E&P co with this many news events / catalysts coming in the next 3 months. In no particular order:
1) Closing of the Mubby deal - which will come with guidance
Valeura anticipates closing the Acquisition in Q1 2023 subject to the satisfaction and/or waiver of all conditions under the SPA. Thereafter, the Company intends to provide an operational guidance outlook for 2023.
2) New reserve report - incorporating both deals
Valeura intends to commission Netherland, Sewell & Associates, Inc. to conduct a reserves and contingent resources evaluation for all of its Thailand assets effective December 31, 2022, in accordance with the Canadian Oil and Gas Evaluation Handbook, with results to be published by the Company in due course in the first quarter of 2023 subject to closing of the Acquisition.
3) Wassana Production on stream
the MT Jaka Tarub crude oil storage vessel is currently undergoing planned modifications in dry dock, which are expected to be completed in early February, after which the vessel will mobilise to the Wassana field. Once on location, Valeura intends to resume production operations, targeting initial oil production rates of up to 3,000 bbls/d
4) Wassana Drilling program
plans to increase production to 4,500 bbls/d thereafter as a result of the five well infill drilling campaign planned to commence in Q2 2023.
5) Manora Field Results from Q4 2022
The Manora field is a mature asset for which a decommissioning plan has been prepared and submitted to Thailand’s upstream regulator. While that plan contemplated an end to the field’s economic life in 2022, recent activity has materially changed the Company’s outlook for the field. In particular, two infill development wells drilled in Q4 2022 have encountered oil and planning is currently underway to bring these wells online which the Company anticipates will be additive to production rates. The Company anticipates that information from these wells will be incorporated into a future reserves evaluation, effective December 31, 2022.
6) Yasmine and Ban Yen Fields Drilling Programme
A programme of ongoing infill development drilling is underway on Licence B5/27 which has included nine wells drilled to date in 2022 plus approximately 19 further wells planned over the 2023 – 2026 time frame. Valeura intends to continue this work programme
Buying more on this dip!