SINGAPORE, June 19, 2026 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) announces completion of 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.
Dr. Sean Guest, President and CEO commented:
“We continue to access new oil reservoirs with ongoing drilling, and have again increased production from the Nong Yao field, our largest producing asset. Moreover, in this campaign, our team has demonstrated the potential for multi-lateral drilling in the Gulf of Thailand as a way to enhance the efficiency of what is already a world-class drilling and completions organisation. This continues our long tradition of embracing new technology, and sets the stage to deploy this approach broadly across our portfolio.”
Nong Yao Drilling
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).
First Multi-lateral Well
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. This multi-lateral approach fits well with Valeura’s objective to maximise the production potential of its facilities and to access as much reservoir as possible.
Valeura sees potential for multi-lateral drilling across its portfolio, and is evaluating its forward drilling schedule to identify suitable candidates on its other Gulf of Thailand fields, which may lend themselves to wells with two (or more) separate lateral production legs.
Further Drilling
Valeura’s contracted drilling rig has now been mobilised to the Jasmine field (block B5/27, 100% interest) where the Company plans to conduct a five-well drilling programme, comprised of three single-bore development wells, and a two-wellbore multi-lateral development well.
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 in this news release includes, but is not limited to: the potential to deploy multi-lateral drilling across Valeura’s portfolio; the potential for appraisal targets to give rise to future development drilling; the anticipated five-well drilling programme; and the evolution of Valeura’s forward drilling schedule to identify suitable multi-lateral drilling candidates on its other Gulf of Thailand fields.
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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