- Valeura Energy (VLE) is announcing renewed oil production from the Wassana Field in Thailand
- An infill drilling campaign is scheduled for Q3 2023 with the goal of increasing field output toward 5,000 bbls/d
- The company has also increased its ownership of the Wassana license to 100 per cent, while divesting from the Rossukon oil field for cash and a potential royalty
- Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Thailand and Turkey
- Valeura Energy (VLE) is up by 4.3 per cent trading at $2.38 per share
Valeura Energy (VLE) is announcing renewed oil production from the Wassana Field in Thailand.
Production began on April 28, 2023, for the first time in almost three years, with additional well activations thereafter ramping up production rates.
An infill drilling campaign is scheduled for Q3 2023 with the goal of increasing field output toward 5,000 bbls/d.
Increase in Wassana (License G10/48) working interest
The company is also reporting that its partner in License G10/48, Palang Sophon Limited, has opted to terminate its participation. PSL will transfer its 11-per-cent working interest to Valeura, allowing the company to further Wassana oil field operations on a 100-per-cent ownership basis.
In consideration, Valeura will discharge PSL of liabilities owed in connection with joint operations on the license.
Rossukon (License G6/48) working interest
Following consideration of the Rossukon oil field’s tight schedule requirements and an estimated capital requirement of US$100 million (gross), Valeura has opted to divest its working interest in the license to partner Northern Gulf Petroleum for:
- US$5 million cash, payable at first oil from the Rossukon field
- A 4.65 per cent overriding royalty associated with the company’s 43 per cent working interest (2 per cent of gross production) from the field thereafter
Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Thailand and Turkey, while pursuing further inorganic growth in Southeast Asia.
Valeura Energy (VLE) is up by 4.3 per cent trading at $2.38 per share as of 9:39 am EST.
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