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 7,100 bbls/d of medium sweet crude oil from reservoirs of Miocene age.  The Nong Yao oil field contains 11.2 million bbls of 2P oil reserves, on a net working interest basis.*

The Nong Yao field has been developed by a total of 37 wells, drilled from two wellhead platforms, which are connected to a leased Floating Storage and Offloading vessel.  Nong Yao’s crude oil is typically sold into the local market at prices approximately on par with the Brent benchmark.

A further development project is underway to commercialise a southern extension of the field by way of 12 additional development wells and the addition of a Mobile Offshore Production Unit.  The Company anticipates that the Nong Yao Extension will result in production increasing to 11,000 bbls/d in 2023.

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, 2022 and more fully described in the Company’s April 18, 2023 announcement.