Aankondiging • 15h
Valeura Energy Inc. Completes Eight Well Drilling Campaign on Nong Yao Field Including First Multi-Lateral Well Valeura Energy Inc. completed an eight well drilling campaign on its Nong Yao field in the offshore Gulf of Thailand, which includes the Company's first ever multi-lateral development well. Valeura drilled eight new wellbores into its Nong Yao field (block G11/48, 90% operated working interest). The programme included one appraisal well, which encountered its target as intended, and will give rise to future development drilling at the Nong Yao A platform. The remaining seven were drilled as horizontal development wells from both the Nong Yao A and B platforms, all encountering their targets successfully, and being brought online as producers. Among the development wells was NYA-42ST1H, which set a new Gulf of Thailand record for the longest horizontal lateral ever drilled, measuring 4,960'. Aggregate oil production volumes from the Nong Yao field have increased as a result of both the drilling campaign and also a well workover campaign conducted concurrently on the Nong Yao B and C platforms, to optimise well performance. Prior to the work programme, production rates averaged 8,870 bbls/d (seven-day period ending 04 April 2026), and have since increased to rates of approximately 10,500 bbls/d (seven-day period ending 16 June 2026, Valeura's working interest share, before royalties). As part of the drilling campaign, Valeura successfully executed its first ever multi-lateral well. Within the new wellbore, NYB-02ST1, Valeura constructed a complex junction point from which two separate horizontal production legs were drilled in turn, each targeting a different reservoir interval (and are thereby recorded as two separate development wells). This was the first multi-lateral with this level of complexity ever attempted in Thailand. The two lateral development intervals are now delivering oil production from two separate development targets, while occupying only one well slot on the wellhead facility. Aankondiging • Jun 04
Valeura Energy Inc. to Report Q2, 2026 Results on Aug 05, 2026 Valeura Energy Inc. announced that they will report Q2, 2026 results on Aug 05, 2026 Aankondiging • Mar 24
Valeura Energy Inc., Annual General Meeting, May 14, 2026 Valeura Energy Inc., Annual General Meeting, May 14, 2026. Location: alberta, calgary Canada Aankondiging • Mar 11
Valeura Energy Inc. Completes Successful Infill Drilling Campaign At Manora Field Valeura Energy Inc. announced completion of a successful infill drilling campaign at its Gulf of Thailand Manora field (Block G1/48, 70% operated working interest). Valeura successfully drilled a campaign comprised of two infill development targets and one appraisal well from the Manora A platform. All wells were successful, and notably the appraisal well was found to be optimally positioned for use as a production well. As a result, all three wells have been completed as oil producers and are now on stream. Manora's oil production has increased from an average of 1,950 bbls/d prior to the first new well coming onstream, to a more recent average of 2,626 bbls/d (working interest share oil production before royalites)(1). MNA-41 was drilled as a deviated appraisal well to evaluate the potential of two reservoir intervals. The well encountered oil pay in the 300-series sand reservoir, which will be analysed to identify future prospects in this zone. In addition, the well encountered five oil pay zones in the 400/500-series reservoir. It has been completed as a comingled oil producer and is now on production. MNA-35ST1 was drilled as a sidetrack to the pre-exisitng MNA-35 well, with the objective of developing the same two reservoir intervals access in MNA-41. Two pay zones were encountered in the 300 sands, which will be completed for production in the future. In the meantime, the well has been completed as a producer of five oil pay zones within the 400/500 reservoir sands and is now on production. MNA-42H was geo-steered as a horizontal development well within the 300 series sand reservoir. The well's 1,046 ft lateral section encountered 556' of net oil pay. The well has been completed and is now online as a horizontal oil producer. The Manora drilling campaign was completed safely, on time, and on budget. Valeura's contracted drilling rig has now been mobilised to the Nong Yao field on block G11/48 (90% operated working interest) where the Company is planning to drill a production-oriented campaign from the Nong Yao A and Nong Yao B wellhead facilities. Aankondiging • Jan 13
Valeura Energy Inc. Provides Production Guidance for the Year 2026 Valeura Energy Inc. provided production guidance for the year 2026. For the year, the company expects Full year oil production mid-point of 21,000 bbls/d. Aankondiging • Jan 07
Valeura Energy Inc. to Report Q4, 2025 Results on Mar 18, 2026 Valeura Energy Inc. announced that they will report Q4, 2025 results on Mar 18, 2026 Aankondiging • Nov 17
Valeura Energy Inc. Re-Affirms Production Guidance for the Full Year 2025 Valeura Energy Inc. re-affirmed production guidance for the full year 2025. For the year, the company expected average daily Oil production of 23.0 mbbls/d to 25.5 mbbls/d. Aankondiging • Oct 09
Valeura Energy Inc. to Report Q3, 2025 Results on Nov 14, 2025 Valeura Energy Inc. announced that they will report Q3, 2025 results on Nov 14, 2025 Aankondiging • Jul 08
Valeura Energy Inc. Provides Production Guidance for the Year 2025 Valeura Energy Inc. provided production guidance for the year 2025. The company's second quarter was anticipated to be the lowest production quarter of the year, and with rates weighted to the second half of 2025, the Company is maintaining its full year production guidance range of 23.0 - 25.5 mbbls/d. Aankondiging • Jun 10
Valeura Energy Inc. to Report Q2, 2025 Results on Aug 06, 2025 Valeura Energy Inc. announced that they will report Q2, 2025 results on Aug 06, 2025 Aankondiging • May 27
Valeura Energy Inc. Announces Completion of an Eight-Well Drilling Campaign At Licence B5/27 Valeura Energy Inc. announced completion of an eight-well drilling campaign at Licence B5/27 (100% operated working interest), offshore Gulf of Thailand. The two development wells were successful, having exceeded expectations for total pay, and are online contributing to production. Well BYA-35ST1 was drilled as a deviated multi-objective well. The well successfully developed remaining oil volumes from multiple already-producing reservoirs, and was completed for production from a total of six sand reservoirs, which will be produced sequentially. In addition, the well appraised several targets which will now be matured for inclusion in a future development drilling programme. Total oil pay encountered was approximately double management's pre-drill estimates. Results suggest that oil did not migrate to this particular reservoir trend, resulting in insufficient hydrocarbon charge. Further prospective trends within the B5/27 block are being evaluated for future exploration potential. The block B5/27 drilling programme was completed safely, on time, and under budget. As a result of the campaign, the Company has maintained oil production rates approximately consistent with its first quarter performance, thereby offsetting the impact of natural declines. The Company's contracted drilling rig is now being mobilised to the Nong Yao field, where the Company plans to drill a programme of approximately 10 development wells. Aankondiging • May 17
Valeura Energy Inc. Elects Chalermchai Mahagitsiri as Directors Valeura Energy Inc. at its AGM held on May 14, 2025 elected Chalermchai Mahagitsiri as directors of the Corporation. Aankondiging • Mar 10
Valeura Energy Inc., Annual General Meeting, May 14, 2025 Valeura Energy Inc., Annual General Meeting, May 14, 2025. Location: alberta, calgary Canada Aankondiging • Jan 08
Valeura Energy Inc. Provides Production Guidance for the Year 2025 Valeura Energy Inc. Provides Production Guidance for the Year 2025. For the period, the company expects Full year oil production of 23,000 - 25,500 bbls/d. Aankondiging • Jan 06
Valeura Energy Inc. to Report Q4, 2024 Results on Mar 25, 2025 Valeura Energy Inc. announced that they will report Q4, 2024 results on Mar 25, 2025 Aankondiging • Nov 27
Valeura Energy Inc. Announces Jasmine Development Drilling Update Valeura Energy Inc. announce the successful completion of an infill drilling campaign at the Jasmine field in Licence B5/27 (100% operated working interest), offshore Gulf of Thailand. Valeura drilled a five well programme, comprised of two infill development wells on the Jasmine A platform, completed in September 2024 and previously announced, and more recently, three infill development wells on the Jasmine D platform, which were all successful and have been brought online as producers while also successfully appraising several additional reservoir intervals. The JSD-42 well drilled a production-oriented primary objective in the 250 sand reservoir, and is believed to be optimally positioned at the crest of the structure. The well was completed as a producer within this zone and has begun producing oil in line with management's expectations. In addition, the JSD-42 well evaluated several secondary appraisal targets, which resulted in five further zones being completed as future producing reservoirs, and also encountered several additional oil-bearing intervals which may be the subject of further infill development drilling in due course. The JSD-41H and JSD-43H wells were both drilled as horizontal development infills within the 680-1 sand reservoir, with the objective of more efficiently sweeping oil from this already-producing interval. Both wells were geosteered across horizontal intervals measuring over 2,000ft (measured depth), and encountered 100% net sand.With all five wells completed as producers and online, aggregate oil production from the field has averaged 9,801 bbls/d (before royalties) over the period November 19-25, 2024, an increase of 26% from rates just prior to the new wells coming online (7,764 bbls/d over the period September 6-12, 2024).Following the Jasmine D infill drilling programme, the Company's contracted drilling rig has been moved to the Manora field on Licence G1/48 (70% working interest), where it has started operations on a five well infill drilling programme, comprised of three production-oriented wells and two appraisals. Aankondiging • Nov 14
Valeura Energy Inc. Provides Production Guidance for the Fourth Quarter and Revises Production Guidance for the Year 2024 Valeura Energy Inc. provided production guidance for the fourth quarter and revised production guidance for the year 2024. Guidance assumptions re-affirmed, with expectation for Fourth Quarter production of approximately 26 mbbls/d, resulting in the mid-point full year production range estimate.
For the year, the company now expects Average Daily Oil Production to be 22,000 bbls/d - 24,000 bbls/d against 21,500 bbls/d - 24,500 bbls/d. Aankondiging • Oct 03
Valeura Energy Inc. to Report Q3, 2024 Results on Nov 13, 2024 Valeura Energy Inc. announced that they will report Q3, 2024 results on Nov 13, 2024 Aankondiging • Aug 15
Valeura Energy Inc. Announces First Oil Production from its Nong Yao C Development, in Licence G11/48 (90% Operated Working Interest), Offshore Gulf of Thailand Valeura Energy Inc. announced first oil production from its Nong Yao C development, in Licence G11/48 (90% operated working interest), offshore Gulf of Thailand. The first three of the seven Nong Yao C development wells were opened up for oil production on August 15, 2024, with additional wells to be brought online successively thereafter. Ramp up of production volumes will continue in line with the Company's plan to achieve peak production rates of approximately 11,000 bbls/s within the coming weeks, versus recent rates in the first half of August of approximately 7,200 bbls/d (Valeura working interest share, before royalties). Valeura intends to sustain Nong Yao production rates at approximately 11,000 bbls/d for the remainder of the year 2024. Aankondiging • Aug 08
Valeura Energy Inc. Narrows Production Guidance for the Year 2024 Valeura Energy Inc. narrowed production guidance for the year 2024. For the year, the company expects Average Daily Oil Production of 22,000 bbls/d - 24,000 bbls/d against previous guidance of 21,500 bbls/d - 24,500 bbls/d. Aankondiging • Aug 02
Valeura Energy Inc. Announces Restart of Production Operations At the Wassana Field, Offshore Gulf of Thailand Valeura Energy Inc. announced 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. Aankondiging • Jun 19
Valeura Energy Inc. to Report Q2, 2024 Results on Aug 08, 2024 Valeura Energy Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Aankondiging • May 29
Valeura Energy Inc. Announces Nong Yao Development Drilling Update Valeura Energy Inc. announced the successful completion of an infill drilling campaign at Nong Yao A and the start of development drilling on the Nong Yao C extension, both part of the Nong Yao oil field (90% operated working interest), offshore Gulf of Thailand. Valeura has drilled two production-oriented horizontal wells at the Nong Yao A wellhead platform, which were both successful and have been brought online as producers. The 37H well culminated in a horizontal section within the primary target H12.5 reservoir. That zone has been completed for production and is currently contributing approximately 500 bbls/d of oil(1), based on performance over the past ten days. In addition, the well encountered 68 feet of net oil pay across eight separate appraisal target intervals. These zones will now be further evaluated as targets for potential future development wells, and once developed, may add further producible volumes to the asset. The 38H well has been completed as a horizontal producer in the H4.3 reservoir interval and is currently contributing approximately 1,000 bbls/d of oil(1), based on performance over the past five days. A thin oil-bearing sand was encountered in the shallower H2.0 sand interval and will also be studied to determine additional producible volumes. The Company's contracted drilling rig has moved to the Nong Yao C mobile offshore production unit where it has commenced batch drilling operations to develop the Nong Yao C field extension. The drilling campaign is anticipated to take approximately four months and will be comprised of up to nine gross wells, being six producer wells and up to three water injectors. Valeura anticipates first oil from the Nong Yao C development in Third Quarter 2024, and thereafter is targeting aggregate peak oil production rates from the expanded Nong Yao field of 11,000 bbls/d, approximately a 50% increase over the 7,307 bbls/d reported for First Quarter 2024. Aankondiging • Apr 17
Valeura Energy Inc. Announces Three Oil Discoveries on its Assets in Offshore Gulf of Thailand Valeura Energy Inc. announced three oil discoveries on its assets in the offshore Gulf of Thailand. Nong Yao D: The Nong Yao-13 well (G11/48 concession, 90% working interest) was drilled to 5,399 feet measured depth (MD) (3,342 feet true vertical depth (TVD)) and discovered just over 30 feet of new oil pay across several intervals. Importantly, this result confirms that oil has successfully migrated into this area of the block, a factor that was seen to be a risk in the Nong Yao D area. The particular intervals comprising the discovery are relatively shallow new zones which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area and further analysis on the seismic data is warranted. This work will seek out potential locations for follow-up exploration and appraisal drilling in the vicinity, with the ultimate objective of amassing sufficient volumes to justify a future development. Niramai and Wassana North: Two wells were drilled north of the Wassana oil field (G10/48 concession, 100% interest) with the objective of identifying sufficient oil volumes in this northern area of the block to justify a future development project. The Niramai-4 well was an exploration/appraisal well approximately one kilometre north-east of the successful Niramai-1 oil discovery, which was originally drilled in 2009. The Niramai-4 well was drilled to 7,312 feet MD (5,581 feet TVD) and discovered over 90 feet of new oil pay across two key reservoirs. Following evaluation, the well was then sidetracked with a high-angle well known as Niramai-4 ST1 to test the Wassana North prospect, a separate fault block immediately north of the Wassana field. The well was drilled to 12,388 feet MD (5,782 feet TVD) and discovered approximately 40 feet of new oil pay. The deepest oil-bearing zone is of particular interest in that the wellbore intersected the reservoir significantly downdip of the crest and oil is interpreted to be present to the base of the reservoir, with no oil-water contact identified in the well. This indicates further potential, both deeper than penetrated, and more laterally expansive in the updip portion of the structure. While reservoir properties and volumetric estimates are still being calculated for both wells, when combined with the pre-existing Niramai volumes, the total recoverable volumes are believed to exceed management's requirements to support an additional future development on the G10/48 block. Such a development expansion is beyond the scope of the Wassana field re-development project currently being evaluated, but has the potential to extend production and the life of the concession beyond its current economic limit in 2032. Management anticipates that these new volumes will contribute to the Company's next year end reserves and resources. Drilling Plan: The Company's contracted drilling rig has been mobilised to the Nong Yao field, where it will soon begin drilling two infill development wells on the Nong Yao A platform, intended to add to production rates in the near term. Thereafter, and once commissioning work is complete on the Nong Yao C Mobile Offshore Production Unit, the rig will begin development drilling on the Nong Yao C accumulation. The Company is targeting first oil from Nong Yao C in early Third Quarter 2024. Aankondiging • Mar 01
Valeura Energy Inc., Annual General Meeting, May 09, 2024 Valeura Energy Inc., Annual General Meeting, May 09, 2024. Aankondiging • Feb 13
Valeura Energy Inc. Announces Nong Yao Infrastructure and Wassana Drilling Update Valeura Energy Inc. announced the mobilisation of a Mobile Offshore Production Unit ("MOPU"), destined for its Nong Yao field, and to provide an update on development drilling at the Wassana field, offshore Thailand. Highlights: MOPU TSeven Shirley being mobilised to the Nong Yao field (90% working interest), in preparation for development of the Nong Yao C accumulation, first oil expected late second quarter 2024; Valeura purchasing the Nong Yao field's floating storage and offloading vessel ("FSO") Aurora for US$19 million, providing greater operational flexibility and cost optimisation; and Wassana field (100% working interest) development drilling programme being expanded to five horizontal wells, first two wells have resulted in field output increasing to more than 4,000 bbls/d. Wassana Drilling Update: Valeura is currently executing a development drilling programme on its Wassana field (100% working interest), and in light of favourable initial results, has opted to expand the scope of the programme from three horizontal wells to five. All three wells drilled so far have encountered their targets in line with expectations. The first two wells have been tested and, in their first seven days of production, resulted in total field output increasing to more than 4,000 bbls/d. The third well will be brought online in the coming days. Management believes strong proven deliverability from the initial wells may result in an upward revision to its production expectations from the field. The Company intends to continue drilling on the Wassana field, to a total of five wells, after which the rig will mobilise to the Nong Yao field to begin Nong Yao C development drilling. Aankondiging • Feb 02
Valeura Energy Inc. to Report Q4, 2023 Results on Mar 14, 2024 Valeura Energy Inc. announced that they will report Q4, 2023 results on Mar 14, 2024 Aankondiging • Jan 16
Valeura Energy Inc. Provides Earnings Guidance for the Second Half and Full Year 2024 Valeura Energy Inc. provided earnings guidance for the second half and full year 2024. The company anticipated higher production in the second half of the year 2024. The company is forecasting average 2024 full year oil production of 21,500 - 24,500 bbls/d, based on the assumption that Nong Yao C development drilling will start in late First Quarter 2024 and continue for approximately four months. Aankondiging • Jan 02
Valeura Energy Inc. Appoints Anna Green as Independent Director Valeura Energy Inc. announced the appointment of Anna Green as an independent director effective January 1, 2024. Ms. Green is a lawyer by background and has over 25 years of experience through a career focused squarely on the Asia Pacific region, primarily within the banking and technology sectors. She held increasingly senior roles with ANZ bank, including serving as the group's Chief Risk Officer, and later as CEO for the bank in Laos and in the Philippines. Thereafter, Ms. Green transitioned to a technology-oriented career with Amazon, where she excelled at driving change through development of marketing, acquisition, and growth strategies. She was recognised for her successes as Asia IT Woman of the Year at the prestigious Women in IT Awards. In 2023 she joined the Toll Group, a leading global transportation and logistics provider, where she currently serves as Chief Enterprise Services Officer. Ms. Green is a passionate advocate for diversity and inclusion and is well-known for having partnered with the UN, regulatory and government bodies, as well as customers and business councils to build mechanisms that drive meaningful change. She holds a Bachelor of Laws from the University of NSW, a Bachelor of Arts in Political Science from the Australia National University, and has completed a Chief Executive Women scholarship at INSEAD. Aankondiging • Dec 21
Valeura Energy Inc. Announces Successful Completion of Nong Yao A Infill Drilling Valeura Energy Inc. announced the successful completion of an infill drilling campaign at its Nong Yao oil field (90% operated working interest), offshore Gulf of Thailand. The Company has drilled four wells at the Nong Yao A wellhead processing platform, including three production-oriented development wells and one appraisal well. The development wells have encountered targets in line with pre-drill expectations and have been brought online as producers. The appraisal well was designed to delineate the extent of certain reservoir intervals in the field that are currently not producing. Results from the appraisal well have exceeded expectations, with the well confirming approximately 50' of new net oil pay over several intervals. The Company anticipates this will give rise to between two and four additional development targets, which will form the basis of a future infill drilling campaign. The drilling rig has been mobilised to the Wassana field, where it is currently on location and being positioned to commence drilling a programme of three production-oriented development wells. Thereafter, the rig will return to Nong Yao in first quarter of 2024 to begin the Nong Yao C development. Aankondiging • Oct 31
Valeura Energy Inc. to Report Q3, 2023 Results on Nov 13, 2023 Valeura Energy Inc. announced that they will report Q3, 2023 results on Nov 13, 2023 Aankondiging • Sep 20
Valeura Energy Inc. Announces Departure of Kimberley Wood from its Board of Directors of Independent Director Valeura Energy Inc. announced the departure from its board of directors of independent director, Kimberley Wood, effective September 18, 2023. Ms. Wood has accepted a senior management role with another company and has indicated that her new responsibilities are expected to constitute a full-time workload. Accordingly, she has opted to resign from the Board. Aankondiging • Aug 10
Valeura Energy Inc. Provides Production Guidance for the Full Year 2023 Valeura Energy Inc. provided production guidance for the full year 2023. For the year, the company expects production to be between 20,000 bbls/d to 22,300 bbls/d. Aankondiging • Aug 09
Valeura Energy Inc. to Report Q2, 2023 Results on Aug 09, 2023 Valeura Energy Inc. announced that they will report Q2, 2023 results on Aug 09, 2023 Aankondiging • Jul 17
Valeura Energy Inc. Announces Executive Changes Valeura Energy Inc. announces appointment of a chief operating officer, changes to its board of directors. Greg Kulawski is joining Valeura as Chief Operating Officer, effective July 17, 2023. Mr. Kulawski is a seasoned executive leader, with 25 years of upstream oil and gas experience. His international career has been with Shell and his most recent roles were the Deputy CEO and Production Director of Sakhalin Energy, Vice President of Safety for the Shell group globally, and General Manager and Director of Shell's onshore and shallow water assets in Nigeria. He has substantial experience in brownfield production operations and greenfield developments including key health, safety and environment-related responsibilities. Mr. Kulawski has a proven track record in leading international and multi-cultural teams through complex projects including major facility turnarounds and integrating new businesses. Mr. Kulawski holds a Bachelor of Engineering in Electronics & Electrical Engineering and a Doctor of Philosophy from the University of Birmingham. He and his family will relocate to Singapore to join the rest of the Valeura executive team. Ron Royal will retire from the Board effective August 1, 2023 after having provided dedicated service and significant contributions over a 13-year period from Valeura's inception in 2010. Lina Lee will be appointed as an independent director of Valeura effective August 1, 2023. Ms. Lee is a specialist in finance and energy, with over 25 years of experience in multiple industries and cultures, culminating in senior leadership positions at BP. She has held roles focused on rigorous portfolio management, financial management, business development, treasury and deal structuring, most recently serving as CFO & VP Strategy of BP's Global Petrochemicals business. With considerable experience in developing and executing strategies focused on Asia, Europe, the Middle East, and Russia, Ms. Lee brings a wealth of international acumen and a strategic growth mindset, with a particular emphasis on executing inorganic growth transactions and business improvement initiatives. She is a Chartered Financial Analyst, with a business education from The Chinese University of Hong Kong, the Kelley School of Business at Indiana University, and the Harvard Business School. Ms. Lee is based in Hong Kong. Aankondiging • Jul 08
Valeura Energy Inc Announces Temporarily Suspend Production Operations at the Wassana Oil Field, Offshore Gulf of Thailand Valeura Energy Inc. announced that it has temporarily suspended production operations at the Wassana oil field, offshore Gulf of Thailand. On July 6, 2023 the floating storage and offloading vessel ("FSO") stationed at the Wassana oil field deviated from its intended position and contacted the field's catenary anchor leg mooring ("CALM") buoy. No personnel were injured in the event, no hydrocarbons were discharged, and there was no damage to the vessel or the CALM buoy. As a precautionary measure, Valeura has opted to temporarily suspend production operations at the field, which had been producing approximately 2,400 bbls/d of oil at the time of the event, representing approximately 10% of Valeura's aggregate net production. The Company is undertaking a thorough review of safety and operating practices on the third-party operated FSO before restarting the production. Aankondiging • Jun 14
Valeura Energy Inc. Announces Successful Completion of Nong Yao Infill Drilling Valeura Energy Inc. announced the successful completion of its Nong Yao field infill drilling campaign and recent increases in oil production. Valeura has drilled two horizontal infill wells on its Nong Yao oil field at Licence G11/48 in Thailand, in which the Company holds a 90% operated working interest. Drilling operations were executed safely, below budget, and ahead of schedule. The wells encountered approximately 1,000 and 700 ft of net oil pay in their horizontal sections, respectively, confirming pre-drill reservoir simulation results. The wells have come onstream as oil producers at a combined initial gross rate of approximately 1,350 bbls/d. The impact of the new Nong Yao wells, in addition to contributions from the Company's Jasmine oil field drilling programme earlier in 2023, has resulted in aggregate oil production rates from the Company's portfolio during the 11 days of June averaging 23,700 bbls/d (net to the Company's working interest), an increase of approximately 16% over average First Quarter 2023 rates from the four assets. The Borr Mist drilling rig is now on location at the Manora oil field where the Company plans to drill three wells aimed at increasing production from the field and by extension, adding to the economic life of the asset. Upon completion of operations at Manora, anticipated in early August 2023, the rig will move to the Wassana field for the Company's five-well infill drilling programme. 
