Valeura Energy Inc.: “Suraphi” Exploration Discovery
SINGAPORE, Sept. 16, 2026 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) announces an exploration discovery near its Manora(1) oil field and completion of a successful development and appraisal drilling campaign on its Jasmine field(2), in the Gulf of Thailand.
(1) Block G1/48, 70% operated working interest
(2) Block B5/27, 100% operated interest
Dr. Sean Guest, President and CEO commented:
“Our discovery of a new accumulation of oil very nearby our Manora field is a game-changer for Block G1/48. The results for net pay encountered exceed our pre-drill estimates and is likely to justify a new satellite facility development on the block. We are now moving into a development planning phase which will also include appraising the proximal Malida oil field. Additionally, the discovery of new and thicker reservoir sands in this structure points to other exploration upside in the vicinity. We expect that the development of this new field, which will be named ‘Suraphi’ will create a new lease on life for the greater Manora field area, by utilising the existing Manora-A processing facility for more oil than the Manora field alone.
Separately, we have also completed a successful development and appraisal programme on our Jasmine field, where we continue to add producible volumes and identify new opportunities for further organic development.
I am very pleased to see our drilling programme continue delivering value through all facets of operations – development, appraisal, and exploration. With these successes, we are facing an expanded set of organic investment opportunities, while at the same time continuing to pursue aggressively, our inorganic growth ambitions.”
Suraphi Oil Discovery
Valeura discovered the Suraphi field by drilling the Manora-9 open water exploration well and associated sidetracks, approximately 4.5 km to the northeast of its Manora A platform. Several prospects were targeted in the operation, each within a distinct fault block. The E prospect identified several oil-bearing sandstone intervals within the 600-series lacustrine sands, and intersected oil over a gross column measuring 626 ft (162 ft net oil pay). The D prospect encountered a similar oil-bearing reservoir section in the adjacent fault block, within a gross column measuring 849 ft (172 ft net oil pay). A third sidetrack tested a shallower and riskier play which was not hydrocarbon-bearing. However, success in the D and E fault blocks has effectively de-risked a third adjacent fault block (F), which is well-imaged on 3D seismic.
Based on the Company’s mapping, as calibrated by pressure data collected during drilling, there is evidence to suggest that all three fault blocks could be filled to their spill point, thereby constituting a ‘best case scenario’ discovery within these prospects. The Company estimates that even when measured more conservatively, by only considering the deepest oil demonstrated in the wells, the discovery would likely still justify a satellite facility development on the block.
Valeura believes an additional satellite platform to develop the Suraphi field also creates an opportunity to develop the otherwise-stranded Malida field, 3.5 km to the east. In addition, as this oil discovery has encountered a thicker than expected reservoir interval and has demonstrated oil migration into the area, it derisks a number of nearby exploration prospects, thereby adding to the total potential magnitude of this discovery.
This theme is consistent with the characteristics of the Company’s other fields in the Gulf of Thailand, all which have exceeded their original oil recovery expectations through ongoing exploration, appraisal, and development. In addition, by creating a satellite facility tied in to the Manora wellhead and processing platform, Valeura anticipates an extension to the productive life of the Manora field, thereby adding tail oil production which would otherwise be considered uneconomic and not produced.
Valeura is moving immediately into a development planning phase, to establish a plan to maximise the value of the discovery, and to provide scope for future development in the vicinity. Concurrently, the Company will conduct studies to plan for appraisal of the Malida field and to re-evaluate the nearby exploration prospects for inclusion in future drilling campaigns.
Jasmine Development and Appraisal Drilling Success
Prior to the Manora-9 well, Valeura completed a successful development and appraisal drilling campaign on its Jasmine field. A total of four successful wellbores were completed, two on the Jasmine-C platform and two on Jasmine-D. This includes two horizontal development wells and two dual-objective deviated wells drilled for both development and appraisal targets. Both of the multi-objective wells successfully appraised several new zones, which will now be studied as potential future development candidates.
As a result of this drilling campaign, the Company has recorded a net increase in the amount of organic investment opportunities at Jasmine. In addition, the immediate impact has been an up-tick in oil production, offsetting the near-term impact of natural production declines. Oil production rates have increased from approximately 7,570 bbls/d (before royalties) in the seven-day period before the new wells were brought onstream, to rates in the seven-day period after bringing all wells onstream of approximately 8,250 bbls/d (before royalties).
Further Drilling
Valeura will shortly demobilise the Borr Mist drilling rig and subsequently release it from its contract. The Company intends to resume Gulf of Thailand drilling operations in early November 2026, when it begins its charter of the Shelf Drilling Enterprise rig to initially conduct a drilling programme on its Nong Yao field (Block G11/48, 90% operated working interest), followed by development drilling on the Wassana field (Block G10/48, 100% interest).
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 and Media Enquiries) +1 403 975 6752
Robin James Martin, SVP, Communications and Investor Relations
IR@valeuraenergy.com
Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Beacon Securities Limited, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, Roth Canada Inc., and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.
About the Company
Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and Türkiye. The Company is executing a growth-oriented strategy, reinvesting into its producing asset portfolio while deploying capital toward further organic and inorganic growth across Southeast Asia. Valeura is committed to delivering value-accretive growth for all stakeholders, underpinned by 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 discovered volumes being sufficient to justify a satellite facility development; plans for future drilling, including appraisal of the Malida oil field; the potential for other upside exploration in the vicinity; the potential for success at the Jasmine field to add producible volumes and to identify new opportunities; estimates for the amount of oil pay encountered in the E and D prospects; success in the D and E fault blocks resulting in a de-risking of the F fault block; the three fault blocks being filled to their spill point; the potential for a Suraphi field development to create an opportunity for development of the Malida field; the potential for an extension to the productive life of the Manora field; and timing to resume drilling operations, and the composition of its forward drilling campaign.
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 ongoing conflicts between the U.S.-Israel and Iran, and between Russia and 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; 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 Company’s most recent annual information form and the MD&A 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.
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