Fossil Energy – Thailand
Valeura Energy announced 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.”
The Nong Yao-13 well (G11/48 concession, 90% working interest) was drilled to 5,399 feet measured depth (3,342 feet true vertical depth) and discovered just over 30 feet of new oil pay across several intervals.
The two wells Niramai and Wassana North, 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.
The company’s contracted drilling rig has been mobilised to the Nong Yao field, where it will soon begin drilling two infill development wells on the Nong Yao A platform, intended to add to production rates in the near term.
Thereafter, and once commissioning work is complete on the Nong Yao C Mobile Offshore Production Unit, the rig will begin development drilling on the Nong Yao C accumulation.
The Company is targeting first oil from Nong Yao C in early Q3 2024.