Licence G1/48 (Manora oil field)

Modest size, later life oil field

Valeura holds an operated 70% working interest in Licence G1/48 containing the Manora oil field, which produces approximately 3,200 bbls/d of medium-weight sweet crude oil from reservoirs of Miocene age.  The field contains 1.8 million bbls of 2P oil reserves on a net working interest 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.

The remaining 30% interest in the licence is held by Tap Oil.

* 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.