Valeura holds an operated working interest in four licences located offshore in the Gulf of Thailand
Reserves and Contingent Resources for all of Valeura’s Gulf of Thailand assets were most recently assessed by Netherland, Sewell & Associates, Inc. effective December 31, 2024, and were summarised in the Company’s announcement on February 13, 2025 for all four fields. Thereafter, the Company took a positive final investment decision on the Wassana field redevelopment and NSAI assessed that field’s reserves and contingent resources again (using the same effective date and underlying pricing assumptions). Details on the Wassana field redevelopment including updated reserves and contingent resources are summarised in the Company’s May 14, 2025 announcement.
Summary of Valeura’s aggregate Thailand reserves and Resources as of December 31, 2024 (as updated for the Wassana field redevelopment project):
Oil and gas reserves by field based on forecast prices and costs:
|
| Gross (Before Royalties) Reserves, Working Interest Share (Mbbl) | ||||
Reserves by Field | Jasmine | Manora | Nong Yao | Wassana | Total | |
Proved | Producing Developed | 5,268 | 1,370 | 6,541 | 1,851 | 15,030 |
Non-Producing Developed | 703 | 433 | 153 | 198 | 1,487 | |
Undeveloped | 4,713 | 705 | 3,741 | 13,364 | 22,524 | |
Total Proved (1P) | 10,684 | 2,509 | 10,436 | 15,431 | 39,042 | |
Total Probable (P2) | 6,108 | 848 | 6,500 | 5,136 | 18,592 | |
Total Proved + Probable (2P) | 16,792 | 3,357 | 16,936 | 20,549 | 57,634 | |
Total Possible (P3) | 3,647 | 718 | 4,297 | 2,148 | 10,810 | |
Total Proved + Probable + Possible (3P) | 20,440 | 4,075 | 21,233 | 22,697 | 68,445 | |
Net present values of future net revenue based on forecast prices and costs:
|
| Before Tax NPV10 (US$ million) | ||||
Future Net Revenue by Field | Jasmine | Manora | Nong Yao | Wassana | Total | |
Proved | Producing Developed | (124.7) | (27.6) | 146.2 | (30.0) | (36.1) |
Non-Producing Developed | 35.3 | 27.9 | 7.0 | 13.7 | 83.9 | |
Undeveloped | 93.6 | 7.9 | 108.1 | 273.5 | 483.0 | |
Total Proved (1P) | 4.2 | 8.2 | 261.3 | 257.2 | 530.9 | |
Total Probable (P2) | 217.4 | 39.1 | 204.5 | 97.3 | 558.3 | |
Total Proved + Probable (2P) | 221.5 | 47.3 | 465.8 | 354.5 | 989.1 | |
Total Possible (P3) | 168.8 | 29.6 | 150.7 | 97.5 | 446.5 | |
Total Proved + Probable + Possible (3P) | 390.3 | 76.9 | 616.5 | 452.0 | 1,535.7 | |
|
| After Tax NPV10 (US$ million) | ||||
Future Net Revenue by Field | Jasmine | Manora | Nong Yao | Wassana | Total | |
Proved | Producing Developed | (131.3) | (27.6) | 146.2 | (30.0) | (42.7) |
Non-Producing Developed | 33.9 | 27.9 | 7.0 | 13.7 | 82.6 | |
Undeveloped | 99.6 | 7.9 | 108.1 | 200.9 | 416.4 | |
Total Proved (1P) | 2.1 | 8.2 | 261.3 | 184.6 | 456.2 | |
Total Probable (P2) | 161.8 | 37.4 | 154.8 | 33.7 | 387.7 | |
Total Proved + Probable (2P) | 163.9 | 45.7 | 416.1 | 218.2 | 843.8 | |
Total Possible (P3) | 96.7 | 20.4 | 92.3 | 48.3 | 257.7 | |
Total Proved + Probable + Possible (3P) | 260.6 | 66.1 | 509.3 | 266.5 | 1,102.5 | |
Contingent oil resources:
Contingent Resources | NSAI 2022 Report | NSAI 2023 Report | NSAI 2024 Report | |||
Unrisked (MMbbl) | Risked (MMbbl) | Unrisked (MMbbl) | Risked (MMbbl) | Unrisked (MMbbl) | Risked (MMbbl) | |
Low Estimate (1C) | 10.4 | 1.8 | 15.2 | 6.5 | 26.0 | 8.4 |
Best Estimate (2C) | 14.1 | 2.5 | 19.9 | 8.9 | 41.8 | 10.4 |
High Estimate (3C) | 22.1 | 3.9 | 27.9 | 11.6 | 63.9 | 14.0 |
Valeura views its deep gas play in Türkiye as a core constituent of its portfolio and believes this play to be a material source of potential long-term value for shareholders.
There are currently no reserves associated with the Company’s Turkish assets.
The Company last completed an independent assessment of its prospective resources in Türkiye, effective December 31, 2018, which is available under Valeura’s issuer profile on SEDAR+ at www.sedarplus.com.
