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, 2024, and are summarised in the Company’s announcement on February 13, 2025.
Summary of Valeura’s aggregate Thailand reserves and Resources as of December 31, 2024:
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 | 2,894 | 16,073 |
Non-Producing Developed | 703 | 433 | 153 | 242 | 1,531 | |
Undeveloped | 4,713 | 705 | 3,741 | 5,490 | 14,650 | |
Total Proved (1P) | 10,684 | 2,509 | 10,436 | 8,626 | 32,255 | |
Total Probable (P2) | 6,108 | 848 | 6,500 | 4,297 | 17,753 | |
Total Proved + Probable (2P) | 16,792 | 3,357 | 16,936 | 12,923 | 50,008 | |
Total Possible (P3) | 3,647 | 718 | 4,297 | 1,027 | 9,689 | |
Total Proved + Probable + Possible (3P) | 20,440 | 4,075 | 21,233 | 13,950 | 59,697 | |
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 | (160.7) | (166.8) |
Non-Producing Developed | 35.3 | 27.9 | 7.0 | 16.2 | 86.4 | |
Undeveloped | 93.6 | 7.9 | 108.1 | 231.5 | 441.0 | |
Total Proved (1P) | 4.2 | 8.2 | 261.3 | 87.0 | 360.7 | |
Total Probable (P2) | 217.4 | 39.1 | 204.5 | 112.3 | 573.3 | |
Total Proved + Probable (2P) | 221.5 | 47.3 | 465.8 | 199.3 | 933.9 | |
Total Possible (P3) | 168.8 | 29.6 | 150.7 | 56.1 | 405.1 | |
Total Proved + Probable + Possible (3P) | 390.3 | 76.9 | 616.5 | 255.4 | 1,339.1 | |
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 | (160.7) | (173.4) |
Non-Producing Developed | 33.9 | 27.9 | 7.0 | 16.2 | 85.1 | |
Undeveloped | 99.6 | 7.9 | 108.1 | 231.5 | 447.0 | |
Total Proved (1P) | 2.1 | 8.2 | 261.3 | 87.0 | 358.6 | |
Total Probable (P2) | 161.8 | 37.4 | 154.8 | 39.6 | 393.6 | |
Total Proved + Probable (2P) | 163.9 | 45.7 | 416.1 | 126.6 | 752.2 | |
Total Possible (P3) | 96.7 | 20.4 | 92.3 | 27.6 | 238.0 | |
Total Proved + Probable + Possible (3P) | 260.6 | 66.1 | 509.3 | 154.2 | 990.2 | |
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 | 29.4 | 9.2 |
Best Estimate (2C) | 14.1 | 2.5 | 19.9 | 8.9 | 48.4 | 13.5 |
High Estimate (3C) | 22.1 | 3.9 | 27.9 | 11.6 | 72.1 | 18.0 |
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.
