Reserves and Resources

Thailand

Valeura holds an operated working interest in four licences located offshore in the Gulf of Thailand.

Valeura’s interest in the Wassana oil field was initially acquired by way of a Sale and Purchase Agreement announced April 28, 2022, and which closed on June 15, 2022.  Thereafter, the Company increased its working interest in the field to 100% effective April 28, 2023.  Valeura’s interests in the Jasmine/Ban Yen, Nong Yao, and Manora fields were acquired by way of a Sale and Purchase Agreement announced by the Company on December 6, 2022, and completed on March 22, 2023.

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, 2023, and are summarised in the Company’s announcement on February 21, 2024.

Summary of Valeura’s aggregate Thailand reserves and Resources as of December 31, 2023:

  • Proved (1P) reserves of 29.9 MMbbls
  • 1P NPV10 of US$301.4 million before tax / US$193.9 million after tax;
  • Proved and probable (2P) reserves of 37.9 MMbbls,
  • 2P NPV10 of US$616.4 million before tax / US$428.5 million after tax;
  • Best estimate (2C) aggregate unrisked contingent resources of 19.9 MMbbls, or 8.9 MMbbls on a risked basis.

 

Oil and gas reserves by field based on forecast prices and costs:

Reserves By Field

Gross (Before Royalties) Reserves, Working Interest Share (Mbbls)

Jasmine
(Light/Medium)

Manora
(Light/Medium)

Nong Yao
(Light/Medium)

Wassana
(Heavy)

Total

Proved

Producing Developed

5,071

1,350

3,228

1,297

10,945

Non-Producing Developed

236

170

406

Undeveloped

1,517

220

6,738

10,048

18,522

Total Proved (1P)

6,823

1,740

9,965

11,345

29,872

Total Probable (P2)

3,599

451

2,396

1,569

8,015

Total Proved + Probable (2P)

10,422

2,191

12,361

12,914

37,888

Total Possible (P3)

4,161

533

2,405

1,551

8,651

Total Proved + Probable + Possible (3P)

14,583

2,723

14,767

14,466

46,538

 

Net present values of future net revenue based on forecast prices and costs:

 

Future Net Revenue By Field

Before Tax NPV10 (US$ million)

Jasmine

Manora

Nong Yao

Wassana

Total

Proved

Producing Developed

(20.8)

(0.9)

(32.8)

(88.2)

(142.7)

Non-Producing Developed

5.5

9.0

14.5

Undeveloped

13.9

1.9

265.9

147.9

429.6

Total Proved (1P)

(1.4)

10.0

233.1

59.7

301.4

Total Probable (P2)

125.6

20.5

88.7

80.3

315.0

Total Proved + Probable (2P)

124.2

30.5

321.8

139.9

616.4

Total Possible (P3)

158.5

21.6

86.6

78.5

345.3

Total Proved + Probable + Possible (3P)

282.7

52.1

408.4

218.5

961.7

 

Future Net Revenue By Field

After Tax NPV10 (US$ million)

Jasmine

Manora

Nong Yao

Wassana

Total

Proved

Producing Developed

(35.3)

(2.1)

(55.9)

(88.2)

(181.4)

Non-Producing Developed

3.2

9.1

12.4

Undeveloped

23.6

1.7

189.7

147.9

362.9

Total Proved (1P)

-8.4

8.8

133.8

59.7

193.9

Total Probable (P2)

90.2

12.4

51.8

80.3

234.7

Total Proved + Probable (2P)

81.8

21.2

185.6

139.9

428.5

Total Possible (P3)

106.6

12.5

46.9

72.3

238.4

Total Proved + Probable + Possible (3P)

188.4

33.7

232.5

212.3

666.9

 

 

Contingent oil resources:

 

Contingent Resources

NSAI 2022 Report

 (Gross WI)

NSAI 2023 Report

(Gross WI)

 

Unrisked (MMbbls)

Risked (MMbbls)

Unrisked (MMbbls)

Risked (MMbbls)

Low Estimate (1C)

10.4

1.8

15.2

6.5

Best Estimate (2C)

14.1

2.5

19.9

8.9

High Estimate (3C)

22.1

3.9

27.9

11.6

Turkey

Valeura views its deep gas play in Turkey 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.

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