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Licence G10/48 (Wassana oil field)

Re-activation of a mid-life oil field

Licence G10/48 contains the Wassana oil field, which is a collection of crude oil-bearing sandstone reservoir intervals of Miocene age.  The field is estimated to contain 2P reserves of 6.5 MMbbls of oil as of March 31, 2022*. 

Production operations were suspended by the previous operator in May 2020 and are planned to resume in Q4 2022 at an initial rate of 3,000 bbls/d, net to the acquired working interest.  The field’s production is medium-weight crude oil, which has historically sold at a discount to the Brent oil benchmark of approximately US$6/bbl. 

The Wassana field was developed by way of production wells drilled off a Mobile Offshore Production Unit (“MOPU”), which is being purchased by Valeura through a separate transaction. Crude oil will be processed at the MOPU and stored in a leased Floating Storage and Offloading vessel. 

Valeura has identified the potential for ongoing infill drilling to increase recoverable reserves from the Wassana field in addition to the potential to access additional volumes through development of additional exploration discoveries on the block.

Valeura’s acquisition of an operated 89% working interest** was completed on June 15, 2022.  The remaining 11% interest is held by Palang Sophon.

* Reserves and resources estimates are based on an independent third party reserves and resources assessment  by Netherland, Sewell & Associates, Inc. as of March 31, 2022 and more fully described in the Company’s June 13, 2022 announcement.
** Interests in Licence G10/48, Licence G6/48 and the MOPU are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle, Panthera Resources Pte. Ltd., in which Valeura holds 85% of the share capital, as more fully described in the Company’s April 28, 2022 announcement.
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