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, 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:

  • Proved (1P) reserves of 32.3 MMbbl
  • 1P NPV10 of US$360.7 million before tax / US$358.6 million after tax;
  • Proved and probable (2P) reserves of 50.0 MMbbl;
  • 2P NPV10 of US$933.9 million before tax / US$752.2 million after tax; and
  • Best estimate (2C) aggregate unrisked contingent resources of 48.4 MMbbl, or 13.5 MMbbl on a risked basis. 

 

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

  

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

Reserves by Field

Jasmine
(Light/Medium)

Manora
(Light/Medium)

Nong Yao
(Light/Medium)

Wassana
(Heavy)

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
Gross (Before Royalties) Working Interest Share

NSAI 2023 Report
Gross (Before Royalties) Working Interest Share

NSAI 2024 Report
Gross (Before Royalties) Working Interest Share

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

 

Türkiye

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.