Licence G10/48 (Wassana field)

Re-activation of a mid-life oil field

Valeura holds a 100% operated interest in Licence G10/48 containing 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 12.9 MMbbls of oil as of December 31, 2023 on a gross (before royalties) basis*. 

Production operations (which were suspended under the previous owner) have resumed under Valeura’s operatorship and an active infill drilling campaign is underway to expand output from the field, while also evaluating the potential for a larger-scale re-development of the asset.  Current production is approximately 4,000 bbls/d. The field’s production is medium-weight crude oil. 

The Wassana field was developed by way of production wells drilled off a Valeura-owned Mobile Offshore Production Unit (“MOPU”). Crude oil is processed at the MOPU and is stored in a leased Floating Storage and Offloading vessel. 

Valeura initially acquired an operated 89% working interest through a transaction that was completed on June 15, 2022, and acquired the remaining 11% interest in April 2023.

* Reserves and resources estimates are based on an independent third party reserves and resources assessment by Netherland, Sewell & Associates, Inc. as of December 31, 2023 and more fully described in the Company’s February 21, 2024 announcement.