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 |