Licence G11/48 (Nong Yao field)

High-value oil field with near-term growth

Valeura holds an operated 90% working interest in Licence G11/48 containing the Nong Yao oil field, which produces approximately 8,900 bbls/d (working interest share) of medium sweet crude oil from reservoirs of Miocene age.  The Nong Yao oil field contains 12.4 million bbls of 2P oil reserves, on a gross (before royalties) working interest share basis.*

The Nong Yao field has been developed by wells, drilled from two wellhead platforms, which are connected to a leased Floating Storage and Offloading vessel.  

A further development project is underway to commercialise a southern extension of the field known as the Nong Yao C accumulation by way of additional development wells to be drilled from a new Mobile Offshore Production Unit.  The Company anticipates that the Nong Yao extension will result in production increasing to 11,000 bbls/d (working interest share).

In addition, Valeura has identified various additional small oil accumulations on the block, which will be the subject of future study to assess development potential.

The remaining 10% interest in the licence 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 December 31, 2023 and more fully described in the Company’s February 21, 2024 announcement.