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Valeura Energy Inc. Announces Final Investment Decision on Wassana Redevelopment
Final Investment Decision on Wassana Field Redevelopment CALGARY, AB / ACCESS Newswire / M...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Final Investment Decision on Wassana RedevelopmentFinal Investment Decision on Wassana Field Redevelopment CALGARY, AB / ACCESS Newswire / May 14, 2025 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) (\"Valeura\" or the \"Company\") has taken final investment decision (\"FID\") on redevelopment of the Wassana field, in Licence G10/48 (100% Valeura interest), offshore Gulf of Thailand, which is expected to create significant value for shareholders. The Company is pleased to provide details of the redevelopment project, updated reserves and resources estimates and values, and a revision to its 2025 guidance.HighlightsOptimum Redevelopment Design: Redevelopment of the Wassana field through a new-build central processing platform (\"CPP\") to optimise full block potential;Production Growth: First oil expected in Q2 2027, with peak field production of 10,000 bbls/d - more than 2.7 times current output from the field;Significant Reserves Increase: Wassana proved plus probable (2P) reserves increased to 20.5 million bbls, representing an increment of approximately 18 million bbls compared to the continuing production with existing infrastructure only(1);Field Life Extension: Extends the end-of-field life (\"EOFL\") to 2043, an increase of 16 years;Efficient and Fully Funded Capital Allocation: US$120 million estimated investment in facilities over the next two years, with US$40 million in 2025, and the remainder in 2026, fully funded from the Company's balance sheet;Highly accretive: Wassana 2P net present value (NPV10) before tax increases to US$218 million (vs. US$127 million pre-FID)(2), equating to a net asset value (\"NAV\")(3) addition of C$1.23 per share; andStrong and Resilient Economics: An estimated 40% internal rate of return (\"IRR\") at US$60/bbl Brent oil prices, and upside at higher price points, with a payback of 18 months.(1) Management estimate of reserves recoverable in a no-further-action case, with assumed decommissioning of the Mobile Offshore Production Unit (\"MOPU\") at the end of 2027.(2) NSAI 2024 Report, as more fully described in the Company's February 13, 2025 press release.(3) Incremental 2P NPV10after tax, using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024.Dr. Sean Guest, President and CEO commented:\"Our final investment ...