Valeura Energy has provided an update on Q3 2025 operations, including the results of a ten-well drilling campaign at its Nong Yao field on block G11/48 (90% operated working interest), offshore Gulf of Thailand.
Key Highlights
- Safe ongoing operations, with oil production averaging 23.0 mbbls/d(1);
- Lifting of 2.16 million barrels at an average realised price of US$72.06/bbl (US$2.52/bbl premium to Brent);
- Cash position of US$248.3 million, plus a net crude receivable of US$36.7 million;
- Successful ten-well drilling campaign at block G11/48, resulting in a production increase to 24.8 mbbls/d(1,2) at quarter-end;
- Major offshore acreage expansion through strategic farm-in agreement in the Gulf of Thailand(3); and
- Progress on the Wassana field redevelopment project, with construction on schedule.
(1) Average Q3 2025 working interest share oil production, before royalties.
(2) Seven-day average to September 30, 2025.
(3) Closing is subject to Government of Thailand approval.
Dr. Sean Guest, President and CEO commented:
'Our strong operational performance continued in Q3 2025, including an extensive drilling campaign at our Nong Yao field. Over our three years of Gulf of Thailand operations, we have added material value for shareholders through infill drilling, and the Nong Yao campaign is no exception. Both through accessing new reservoirs and ensuring the optimal sweep of existing production intervals, we continue to add reserves and extend the economic lives of our fields, while also identifying new appraisal targets.
Moreover, we believe this campaign showcases our world-class operating capabilities, with our new wells accessing reservoirs further from our production facilities than would have been thought possible just a few years ago. Importantly, the new wells and operations across the entire portfolio were executed without any deviation from our high standards of health, safety, and environmental stewardship.
Our average working interest share oil production before royalties increased to 23.0 mbbls/d during Q3. Toward the end of the quarter, with the new Nong Yao wells online, our rates had risen to approximately 24.8 mbbls/d.
Our financial position remains strong as well with cash of just under a quarter billion US dollars and no debt. This position handily facilitates our ongoing investments to add further value through growth.
On that front, we are making good progress on the construction phase of our Wassana redevelopment project, and while still in its early days, the project is on track with our target of first oil in Q2 2027. Separately, this quarter we have taken an exciting step toward shaping the longer-term future of our portfolio by way of a strategic farm-in in the Gulf of Thailand. With gas accumulations already discovered on both the blocks, and within close proximity to infrastructure, we anticipate moving rapidly toward development and gas production. Upon completion, the deal will formalise an important strategic relationship in Thailand which I believe will serve all stakeholders well for many years to come.'
Q3 2025 Update
Working interest share oil production before royalties averaged 23.0 mbbls/d during Q3 2025, an increase of 6.2% from Q2 2025. Rates reflect the resumption of normal operations at all assets, following planned downtime in Q2 2025. With the addition of production from the Nong Yao infill drilling campaign, completed in late September, working interest share production before royalties over the seven-day period ending September 30, 2025 had increased to an average of 24.8 mbbls/d. With nine months of 2025 production now completed, and an observed up-tick in rates at the end of Q3, the Company anticipates a full year average production outcome within, but at the lower end of, its stated guidance range.
Oil sales totalled 2.16 million bbls during Q3 2025 which was up 8.7% from Q2. In addition, the Company had a total of 0.88 million bbls of oil inventory at September 30, 2025, ready for sale. Price realisations averaged US$72.06/bbl during Q3 2025, a US$2.52/bbl premium over the weighted average Brent crude oil benchmark.
Valeura’s cash position at September 30, 2025, was US$248.3 million (with no debt), an increase from the previous quarter end. In addition, cash from three liftings in September, amounting to US$36.7 million net to the Company, is expected to be received in mid-October. As a result, the Company will record a net receivable to that amount to reflect the timing of payment happening in Q4 rather than Q3 2025.
Nong Yao Drilling
Valeura drilled a total of ten wells in Q3 2025, covering all three of its wellhead infrastructure facilities on the Nong Yao field. The campaign was primarily production-oriented and resulted in the Company’s working interest share oil production before royalties from the Nong Yao field increasing from approximately 7,996 bbls/d prior to the first new wells coming on stream, to a recent rate of 11,562 bbls/d, over the seven-day period ending September 30, 2025. The Company anticipates that the reservoirs encountered may add to the ultimate production potential of the Nong Yao field and can thereby further extend its economic life.
Nong Yao A
Valeura drilled three horizontal development wells from its Nong Yao A wellhead and production facility. All were successful and are on-stream as oil producers. The wells were successfully geosteered on a real-time basis to maximise exposure to the oil-bearing interval of the reservoir, threading narrowly between other reservoir fluids.
Wells NYA-39H and NYA-41ST 1H were drilled as horizontal infill development wells within the H3.0 and H4.4 sand reservoirs, respectively. Both encountered their targets as expected and are now on stream.
Well NYA-40H was drilled as a horizontal infill development well within the target H2.0 sand reservoir and was extended further than the original well design as the lateral extent of the reservoir exceeded management’s expectations. In addition, while directionally drilling toward the target interval, this well encountered potential upside bypassed oil in the shallower H2.5 and H3.0 reservoirs, which will be further evaluated for future development.
Nong Yao B
Valeura drilled four horizontal development wells and one successful appraisal well from its Nong Yao B wellhead platform. Three of the development wells were completed as producers. This part of the Nong Yao drilling campaign included some of the most technically challenging wells ever drilled in the Gulf of Thailand basin, influenced by both geological complexity and also their extended reach from the wellhead platform, in one instance measuring a total drilled length of over 9,800’.
Well NYB-27H was drilled as a horizontal infill development well to test the Company’s thesis of bypassed oil within the target H1.8 sand reservoir at this location and is currently onstream as a producer.
Wells NYB-28H and NYB-30H were drilled as a horizontal infill development wells within the H1.8 and H6.4 sand reservoirs, respectively. In both instances, results were as expected and the wells are on stream as producers.
Well NYB-29 was drilled as a deviated appraisal well to assess the development potential of various reservoir intervals. The well successfully confirmed the potential for development of both the H8.0 and H8.5 sand reservoirs, which will now be further studied for inclusion in a future development drilling campaign.
Well NYB-29ST 1H was drilled as a development sidetrack from the NYB-29 well. While the well encountered its target as anticipated, results indicate that this particular interval was already being adequately swept by a pre-existing well, and therefore was not completed as a producer.
Nong Yao C
Valeura drilled two horizontal wells from its Nong Yao C mobile offshore production unit, one was completed as a producer and information from the other well has allowed the Company to increase production from existing wells.
Well NYC-11H was drilled as a horizontal infill development well within the target H4.0 sand reservoir. The well exceeded management’s expectations, encountering net oil pay throughout virtually all of its horizontal section and is now on stream as a producer.
Well NYC-12H was drilled to further develop two already-producing reservoirs, but was not completed as a producer. Logging results from one of the target intervals have furthered management’s understanding of the reservoir at this location, indicating that the pre-existing wells can adequately sweep oil from the H2.0 sand reservoir. So, while the NYC-12H well does not contribute to production in itself, with the additional learnings gathered, the Company has implemented a deliberate increase in production rates from the pre-existing wells in this reservoir.
The Nong Yao drilling campaign was completed safely, on time, and on budget. Valeura’s contracted drilling rig has now been mobilised to the Jasmine field on block B5/27, where the Company has commenced a programme of up to nine development wells, some which include additional appraisal targets.
Operations Update
Production operations are continuing safely on Valeura’s four Gulf of Thailand fields, with no lost time injuries.
During Q2 2025, the Company progressed the construction phase of its Wassana redevelopment project, which will support an expansion of the Company’s Wassana field, on block G10/48 (100% interest). The project is progressing on plan for deployment of the new-build wellhead production facility in late 2026 and first production in Q2 2027. The Wassana redevelopment project is intended to increase production, reduce unit costs, and create a hub for eventual tie-in of potential additional satellite wellhead platforms.
On blocks G1/65 and G3/65 (40% working interest, subject to closing of the strategic farm-in with PTT Exploration and Production Plc (“PTTEP”)), the operator has completed the acquisition of a total of 1,200 km2 of 3D seismic, which is now being processed, and will ultimately guide the next exploration steps on these blocks. In addition, to date in 2025, wells drilled on both blocks (at Jarmjuree South in block G1/65 and Bussabong in block G3/65) have discovered gas, which will lead to further discussion between the partners in relation to an eventual field development plan.
Results Timing
Valeura intends to release its full unaudited financial and operating results for Q3 2025 on November 14, 2025, and will discuss the results in more detail through a management webcast hosted later that day.
Source: Valeura Energy
