Valeura Energy Inc. Announces Wassana Production Restart
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) has announced the planned restart of production operations at the Wassana field in the Gulf of Thailand. The company had suspended oil production on June 28, 2024, due to an anomaly on one of the steel jack-up legs of the mobile offshore production unit (MOPU). After thorough underwater inspection, including magnetic particle testing, Valeura concluded that the observed crack in a weld was superficial and posed no risk to the facility's structural integrity.
The company expects to achieve pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within a week. Valeura will continue to operate under strict safety standards and conduct regular underwater inspections. Additionally, the company is progressing with front-end engineering and design work for a larger-scale redevelopment of the Wassana asset, targeting readiness for a final investment decision by the end of 2024.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ha annunciato la prevista riavvio delle operazioni di produzione nel campo Wassana nel Golfo di Thailandia. L'azienda aveva sospeso la produzione di petrolio il 28 giugno 2024 a causa di un'anomalia in una delle gambe di supporto in acciaio dell'unità di produzione mobile offshore (MOPU). Dopo un'attenta ispezione subacquea, comprendente test di particelle magnetiche, Valeura ha concluso che la crepa osservata in una saldatura era superficiale e non presentava rischi per l'integrità strutturale dell'impianto.
L'azienda prevede di raggiungere le stesse rate di produzione di petrolio precedenti alla sospensione, circa 5.000 bbls/giorno (prima delle royalties) entro una settimana. Valeura continuerà a operare seguendo rigorosi standard di sicurezza e a condurre ispezioni subacquee regolari. Inoltre, l'azienda sta procedendo con il lavoro di ingegneria e progettazione preliminare per un intervento di riqualificazione su scala più ampia dell'asset Wassana, puntando a una decisione finale di investimento entro la fine del 2024.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ha anunciado el reinicio planeado de las operaciones de producción en el campo Wassana en el Golfo de Tailandia. La compañía había suspendido la producción de petróleo el 28 de junio de 2024 debido a una anomalía en una de las patas de soporte de acero de la unidad de producción móvil offshore (MOPU). Después de una exhaustiva inspección submarina, que incluía pruebas de partículas magnéticas, Valeura concluyó que la grieta observada en una soldadura era superficial y no representaba riesgo para la integridad estructural de la instalación.
La compañía espera alcanzar tasas de producción de petróleo previas a la suspensión de aproximadamente 5,000 bbls/día (antes de regalías) dentro de una semana. Valeura continuará operando bajo estrictas normas de seguridad y llevará a cabo inspecciones submarinas regulares. Además, la empresa avanza en el trabajo de ingeniería y diseño preliminar para una reevaluación a gran escala del activo Wassana, esperando una decisión final de inversión para finales de 2024.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF)는 태국 만의 와사나 유전에서 생산 운영 재개 계획을 발표했습니다. 이 회사는 2024년 6월 28일에 이동식 해양 생산 유닛(MOPU)의 강철 지지 다리 중 하나에서 이상이 발생해 석유 생산을 중단했습니다. 철저한 수중 검사와 자성 입자 검사 후, Valeura는 관찰된 용접의 균열이 표면적이며 시설의 구조적 완전성에 위험을 주지 않는다고 결론지었습니다.
회사는 약 5,000 bbls/일 (로열티 제외)의 생산 속도를 일주일 이내에 회복할 것으로 예상하고 있습니다. Valeura는 엄격한 안전 기준 하에 운영을 계속하며 정기적인 수중 검사를 실시할 예정입니다. 또한 회사를 Wassana 자산의 대규모 재개발을 위한 초기 엔지니어링 및 설계 작업을 진행 중이며, 2024년 말까지 최종 투자 결정을 목표로 하고 있습니다.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) a annoncé le redémarrage prévu des opérations de production dans le champ Wassana dans le Golfe de Thaïlande. L'entreprise avait suspendu la production de pétrole le 28 juin 2024 en raison d'une anomalie sur l'une des jambes en acier de l'unité de production offshore mobile (MOPU). Après une inspection sous-marine approfondie, comprenant des tests de particules magnétiques, Valeura a conclu que la fissure observée dans une soudure était superficielle et ne représentait aucun risque pour l'intégrité structurelle de l'installation.
L'entreprise s'attend à atteindre des taux de production de pétrole similaires à ceux avant la suspension, soit environ 5 000 bbls/jour (avant royalties) dans une semaine. Valeura continuera à opérer selon des normes de sécurité strictes et à réaliser des inspections sous-marines régulières. De plus, l'entreprise progresse dans l'ingénierie de conception préliminaire pour une réhabilitation à grande échelle de l'actif Wassana, visant à une décision finale d'investissement d'ici la fin de 2024.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) hat den geplanten Neustart der Produktionsaktivitäten im Wassana-Feld im Golf von Thailand bekannt gegeben. Das Unternehmen hatte die Ölförderung am 28. Juni 2024 aufgrund einer Anomalie an einem der Stahlbeine der mobilen Offshore-Produktionsanlage (MOPU) eingestellt. Nach gründlicher Unterwasserinspektion, einschließlich magnetischer Partikelprüfung, kam Valeura zu dem Schluss, dass der beobachtete Riss in einer Schweißnaht oberflächlich war und kein Risiko für die strukturelle Integrität der Anlage darstellt.
Das Unternehmen erwartet, innerhalb einer Woche wieder Produktionsraten von etwa 5.000 bbls/Tag (vor Abgaben) zu erreichen. Valeura wird weiterhin unter strengen Sicherheitsstandards arbeiten und regelmäßige Unterwasserinspektionen durchführen. Darüber hinaus arbeitet das Unternehmen an der Front-End-Engineering- und Designarbeit für eine großangelegte Neuentwicklung des Wassana-Assets, mit dem Ziel, bis Ende 2024 bereit für eine endgültige Investitionsentscheidung zu sein.
- Resumption of oil production at Wassana field after safety inspection
- Expected return to pre-suspension production rates of 5,000 bbls/d within a week
- Progress on larger-scale redevelopment of Wassana asset with potential final investment decision by end of 2024
- Recent production suspension due to safety concerns
CALGARY, AB / ACCESSWIRE / August 2, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce the planned restart of production operations at the Wassana field, offshore Gulf of Thailand.
Valeura implemented a precautionary suspension of oil production on June 28, 2024 to ensure a safe situation while inspecting an anomaly identified on one of the steel jack-up legs of the field's mobile offshore production unit ("MOPU"). Through advanced underwater inspection, including magnetic particle inspection, the Company has concluded that the observed anomaly (a crack within a weld) is superficial, and accordingly does not constitute a risk to the structural integrity of the facility.
The Company has begun the process of restarting production operations, and anticipates achieving pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within the week.
Valeura will continue to operate within its strict safety standards and will continue utilising regular underwater inspections of its facilities and vessels to assure ongoing asset integrity requirements are met.
Sean Guest, President and CEO commented:
"I am pleased to be able to chart a clear way forward for the Wassana field which entails resuming production as soon as possible. Our team of professionals have worked rapidly to confirm the integrity of our MOPU, providing the critical assurance we need to continue operating safely.
At the same time, we are pursuing growth aggressively across our portfolio, including the larger-scale redevelopment of the Wassana asset. Front-end engineering and design work is progressing, and we are targeting readiness for a final investment decision on the project at approximately end 2024."
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com
Valeura Energy Inc. (Investor Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com
CAMARCO (Public Relations, Media Adviser to Valeura) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg
Valeura@camarco.co.uk
Contact details for the Company's advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company's website at www.valeuraenergy.com/investor-information/analysts/.
About Valeura
Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "target" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to: the Company achieving pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within the week; and timing for readiness on a final investment decision on the Wassana redevelopment project.
Forward-looking information is based on management's current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company's lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company's reserves and contingent resources; ability to attract a partner to participate in its tight gas exploration/appraisal play in Türkiye; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company's continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company's work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners' plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company's ability to manage growth; the Company's ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management's discussion and analysis of the Company for a detailed discussion of the risk factors.
The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this new release is expressly qualified by this cautionary statement.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This announcement is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Valeura Energy Inc.
View the original press release on accesswire.com
FAQ
When will Valeura Energy (VLERF) restart production at the Wassana field?
What caused the production suspension at Valeura Energy's (VLERF) Wassana field on June 28, 2024?
What is the expected oil production rate for Valeura Energy (VLERF) at the Wassana field after restart?
When is Valeura Energy (VLERF) targeting a final investment decision for the Wassana asset redevelopment?
