RCS - Valeura Energy Inc. - Manora Drilling Exceeds Management’s Expectations

Valeura EnergyAnnouncement

09/03/2026 08:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260309:nRSI8399Va&default-theme=true

RNS Number : 8399V  Valeura Energy Inc.  09 March 2026

Manora Drilling Exceeds Management's Expectations

Singapore, 09 March 2026: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF)
("Valeura" or the "Company") announces completion of a successful infill
drilling campaign at its Gulf of Thailand Manora field (Block G1/48, 70%
operated working interest).

 

Dr. Sean Guest, President and CEO commented:

"Our Manora drilling campaign illustrates that we can continue adding to the
ultimate production potential of our Gulf of Thailand fields.  Our approach
is to take every opportunity to appraise potential future development
locations while developing known reservoir intervals.  We have once again
delivered new production from the field and also laid the basis for further
development in the future."

 

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)).

 

Valeura's management expects that the newly encountered reservoir intervals
will be considered in the next evaluation of reserves and could therefore be
additive to the ultimate potential and economic life of the asset.

 

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.  Results have exceeded management's expectations, which sought
only to assess the potential for future development of these intervals.

 

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, which has exceeded management's expectations.  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.

(1) 15-24 February 2026 vs 03-12 February 2026.

 

Future Disclosure

Valeura intends to release its audited financial results for the year ended 31
December 2025, along with its annual information form for 2025 and its
estimates of reserves and resources in accordance with the requirements of
National instrument 51-101 - Standards of Disclosure for Oil and Gas
Activities on 18 March 2026.

 

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 (mailto:Contact@valeuraenergy.com)

 

Valeura Energy Inc. (Investor and Media
Enquiries)                    +1 403 975 6752 / +44 7392
940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com (mailto: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 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 (http://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 Manora drilling results laying the basis for further development work
in the future; and management's expectation that the newly encountered
reservoir intervals will be considered in the next evaluation of reserves and
could therefore be additive to the ultimate potential and economic life of the
asset.

 

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; 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 news release 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 news release 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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAUPUPPWUPQUQB



            Copyright 2019 Regulatory News Service, all rights reserved