- Valeura Energy (VLE) has chartered a jack-up drilling rig to support its Gulf of Thailand operations
- The Calgary-based oil and gas company is scheduled to start next year
- Crews will first conduct an initial scope of work comprised of the company’s five well infill drilling program
- The arrangement includes an option to extend the scope of work to include additional drilling operations at the company’s discretion
- Valeura Energy is up 5.38 percent, trading at $0.49 at 2:17 pm ET
Valeura Energy (VLE) has chartered a jack-up drilling rig to support its Gulf of Thailand operations.
The Calgary-based oil and gas company is scheduled to start next year.
The PV Drilling I rig is expected to mobilize to the Wassana oil field in the second quarter of 2023.
Crews will first conduct an initial scope of work comprised of the company’s five-well infill drilling program.
The arrangement includes an option to extend the scope of work to include additional drilling operations at the company’s discretion.
The company is targeting an increase to approximately 4,500 bbls/d as a result of the 2023 infill drilling program, up from the current 3,000 barrels.
“We remain confident in our ability to resume oil production at the Wassana field later this quarter. With positive progress on all key work streams, supporting the return to active production operations, we are already setting our sights on our growth targets, and with this drilling rig contract in place, we will be well-prepared to increase production in 2023,” said President and CEO Sean Guest.
It expects to initially re-start production Wassana oil field in the fourth quarter of this year.
Valeura Energy Inc. is up 5.38 percent, trading at $0.49 at 2:17 pm ET.