Valeura Energy achieves first oil production from Nong Tao C development offshore Thailand

(WO) – Valeura Energy Inc. has achieved first oil production from its Nong Yao C development in license G11/48 (90% operated working interest) offshore Gulf of Thailand, the company announced on Thursday.

The first three of the seven Nong Yao C development wells were opened up for oil production on Aug. 15, 2024, with additional wells to be brought online successively thereafter.

Ramp up of production volumes will continue in line with Valerua’s plan to achieve peak production rates of approximately 11,000 bpd within the coming weeks, versus recent rates in the first half of August of approximately 7,200 bpd. Valeura intends to sustain Nong Yao production rates at approximately 11,000 bpd for the remainder of the year 2024.

Dr. Sean Guest, President and CEO commented, “I am very pleased to see first production from Valeura’s first organic growth project in the Gulf of Thailand.  We have executed an efficient drilling program, which came in below budget and has achieved all of our geologic objectives, which we will now benefit from as we shore up the Company’s total production output with this new production.”

“Moreover, our drilling program has successfully appraised several upside targets, which we expect will both contribute to reserves and resources when evaluated at year end, and may form the basis of future infill drilling to sustain volumes further into the future.”