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Licence G1/48 (Manora oil field)

Modest size, later life oil field

A Valeura subsidiary has entered into an agreement to acquire a 70% operated interest** in Licence G1/48, as announced by the Company on December 6, 2022.  The transaction is subject to customary closing conditions and Valeura anticipates closing the transaction in Q1 2023.  

Licence G1/48 contains the Manora oil field, which produces approximately 3,000 bbls/d of medium-weight sweet crude oil from reservoirs of Miocene age.  The field contains 1.7 million bbls of 2P oil reserves on a net working interest acquired basis.*

The field was developed by 22 wells drilled from a single fixed wellhead and processing platform tied to a leased Floating Storage and Offloading vessel.  Manora’s crude oil is typically sold into the local market at prices approximately on par with the Brent crude oil benchmark.

Upon completion of Valeura’s acquisition, it will hold a 70% operated interest** , with the remaining 30% interest held by Tap Oil.

* Reserves estimates are based on management’s internal (non-independent) assessment, as of December 31, 2021.
** Interests are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle company, Valeura Energy Asia Pte. Ltd. in which Valeura holds 85% of the share capital.
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