(Alliance News) - Valeura Energy Inc on Tuesday said second quarter production was up, as it also reported success in its drilling campaign.
The Thailand and Turkey-focused oil and gas company based in Alberta, Canada said second quarter net working interest production was 22,097 barrels of crude oil per day, up 8% compared to a year ago.
The firm said it successfully drilled eight wells at its Jasmine, Nong Yao and Manora oil fields during the period.
Upon completion of its three-well programme at Manora, the firm said it will bring the wells on stream as producers, and mobilise the drilling rig to its Wassana field.
Valeura announced a temporary suspension at Wassana earlier this month after a floating storage and offloading vessel deviated from its intended position, but said it will move ahead with its infill drilling programme as planned.
During the second quarter, Valuera acquired Wassana's mobile offshore production unit, Ingenium, for USD5.0 million.
Chief Executive Sean Guest said: "I am very pleased with our performance during the first full quarter under Valeura's operatorship. Integration of the businesses we have acquired is progressing well, and our expanded team is continuing to demonstrate a world-class performance, delivering oil production averaging over 22 thousand [barrels per day] and remaining committed to our principles of safe operations.
"The impact of our operations during the quarter underscores the magnitude of how much we have changed the character of Valeura as an investment. We are generating cash, self-funding growth via re-investment into our portfolio, and strengthening our balance sheet at the same time."
Valeura shares closed at CAD1.85 on Monday in Toronto.
By Harvey Dorset, Alliance News reporter
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