Valeura Energy Inc - Thailand and Turkey-focused oil and gas company based in Alberta, Canada - Announces successful completion of infill drilling campaign at Nong Yao field in Thailand. Valeura has drilled two horizontal wells at Licence G11/48 in which it holds a 90% working interest. Wells encountered 1,700 feet total net oil pay, confirming pre-drill simulation results, and now are on-stream at around 1,350 barrels per day combined initial gross rate.
Total production rate net to Valeura from all of its wells during first 11 days of June averaged 23,700 barrels per day, up by around 16% from the first quarter, due to the impact of the Nong Yao wells and contributions from the Jasmine field's drilling programme earlier this year. Valeura also says Borr Mist rig is now on location at Manora field, where three wells will be drilled. Completion of Manora operations is expected in early August.
Chief Executive Officer Sean Guest says: "Our Nong Yao drilling campaign has been a success and the results bolster our investment thesis that our assets offer the potential to add further value through increased production and new reserve additions through targeted infill drilling."
Current stock price: CAD1.84, down 2.7% in Toronto
12-month change: nearly tripled from CAD0.62
By Emma Curzon, Alliance News reporter
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