Licence B5/27 (Jasmine and Ban Yen oil fields)

Stable mid-life oil fields

Valeura holds a 100% operated interest in Licence B5/27 containing the producing Jasmine and Ban Yen oil fields.  The fields produce approximately 9,000 bbls/d of light sweet crude oil from several stacked channel sand reservoirs of Miocene age.  Together, the Jasmine and Ban Yen fields contain 10.0 million bbls of 2P oil reserves.*

The fields have been developed by over 140 wells connected to a network of infrastructure including various pipelines and six topside facilities which perform crude oil separation and water treatment/disposal.  Production is processed and stored on a leased Floating Production Storage and Offloading vessel.  The crude oil is typically sold into the local market at prices approximately US$2/bbl below the Brent crude oil benchmark.

* Reserves and resources estimates are based on an independent third party reserves and resources assessment by Netherland, Sewell & Associates, Inc. as of December 31, 2022 and more fully described in the Company’s April 18, 2023 announcement.