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Reserves and Resources

Thailand

Valeura holds an operated working interest in two licences located offshore in the Gulf of Thailand. The interests were acquired by way of a Sale and Purchase Agreement announced April 28, 2022, and which closed on June 15, 2022.  

Reserves and resources associated with the Thai assets were evaluated by the petroleum engineering firm, Netherland, Sewell & Associates Inc. (“NSAI”) and were announced by the Company on June 13, 2022:

  • Proved and probable (2P) reserves of 6.5 MMbbls of oil, associated with the Wassana field;
  • Best estimate (2C) unrisked contingent resources of 4.7 MMbbls of oil for the Rossukon oil field, classified as “development pending”; and
  • Additional 2C unrisked contingent resources of 8.6 MMboe relating to various other accumulations on the licences, classified as “development unclarified.”
 
Note: Thailand reserves and resources are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle, Panthera Resources Pte. Ltd., in which Valeura holds 85% of the share capital, as more fully described in the Company’s April 28, 2022 announcement.

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.

In February 2018, the Company announced results of an independent evaluation of the Company’s prospective resources in the tight gas play as prepared by DeGolyer and MacNaughton which attributed 10.1 trillion cubic feet of estimated unrisked mean prospective resources of natural gas which includes 236 MMbbls of condensate, to Valeura’s working interest of the play, at that time. 

In February 2020, Valeura’s joint venture partner for the deep gas appraisal programme elected to discontinue participation in the play and their working interest reverted to the remaining partners.  As a result, Valeura’s management estimates that its working interest share of unrisked recoverable natural gas prospective resource in the play has increased to 19.7 trillion cubic feet equivalent.

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