Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) announced on September 16, 2026, an oil discovery near its Manora field in the Gulf of Thailand and reported the completion of a development and appraisal drilling campaign at Jasmine. The company has named the new discovery Suraphi and said it is beginning development planning; the announcement does not state that a Suraphi development has been completed.
#Suraphi discovery near Manora
Valeura identified Suraphi through the Manora-9 open-water exploration well and related sidetracks, drilled approximately 4.5 km northeast of the Manora A platform. The work tested several prospects located in separate fault blocks.
The E prospect encountered oil-bearing sandstone intervals across a gross column measuring 626 ft, including 162 ft of net oil pay. The D prospect found a comparable oil-bearing reservoir in a neighbouring fault block, with a gross column measuring 849 ft and 172 ft of net oil pay.
A third sidetrack tested a shallower play but did not encounter hydrocarbons. Valeura said the results from the D and E blocks have effectively de-risked the adjacent F block, which is visible on 3D seismic. The company also said its mapping and pressure data indicate that the three fault blocks could be filled to their spill point. This remains a company assessment rather than a confirmed development outcome.
#Potential development and Malida appraisal
Valeura said the discovery would likely justify a satellite facility even under a more conservative assessment based only on the deepest oil demonstrated in the wells. The company believes such a facility could also create an opportunity to develop the otherwise stranded Malida field, located 3.5 km east of Suraphi.
The company plans to use development studies to determine how the discovery could be progressed and to provide scope for work in the surrounding area. It also intends to study an appraisal programme for Malida and reassess nearby exploration prospects for possible inclusion in future drilling campaigns.
Valeura said a satellite facility connected to the Manora wellhead and processing platform could extend Manora's productive life by enabling additional tail oil production that might otherwise be considered uneconomic. These are potential outcomes identified by the company and are subject to development decisions and the risks described in its release.
#Jasmine drilling campaign
Before drilling Manora-9, Valeura completed four wellbores at the Jasmine field. Two were drilled from the Jasmine-C platform and two from Jasmine-D.
The campaign comprised two horizontal development wells and two deviated wells designed to address both development and appraisal targets. Valeura said the multi-objective wells evaluated new zones that will be considered as potential future development candidates.
The company reported that oil production rose from approximately 7,570 bbls/d before the new wells were brought onstream to approximately 8,250 bbls/d after all the wells were brought onstream. Both figures were stated before royalties, with each measured over its respective seven-day period.
#Planned Gulf of Thailand drilling
Valeura said it will shortly demobilise the Borr Mist drilling rig and then release it from its contract. The company intends to restart Gulf of Thailand drilling operations in early November 2026 using the Shelf Drilling Enterprise rig.
The planned programme is scheduled to begin at the Nong Yao field in Block G11/48, where Valeura holds a 90% operated working interest, before moving to development drilling at the Wassana field in Block G10/48, where it holds a 100% interest.
#Risks and conditions
Valeura cautioned that exploration, appraisal and development of oil and natural gas reserves and resources are speculative activities involving risk. The company identified uncertainties including drilling results, oil and gas prices and netbacks, inflation, currency movements, interest rates, financing availability, regulatory and government approvals, equipment and workforce availability, supply-chain disruption, weather and natural disasters, facility capacity and reliability, joint-venture participation, and changes in laws, regulations and market conditions.
The company also stated that its work programmes and budgets partly depend on expected agreement among joint venture partners, as well as exploration, development and marketing plans and anticipated costs and sales prices. Those plans and assumptions may change because of actual drilling and related results, the availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners' plans, unexpected delays and changes in market conditions. Valeura said its expectations may prove incorrect and that actual results could differ materially from those anticipated.
#Key Takeaways
- Valeura Energy announced the Suraphi oil discovery near its Manora field in the Gulf of Thailand.
- The E prospect recorded a 626 ft gross oil column with 162 ft of net oil pay, while the D prospect recorded an 849 ft gross column with 172 ft of net oil pay.
- Valeura is moving into Suraphi development planning and will study appraisal options for the Malida field, 3.5 km to the east.
- The company completed four Jasmine wellbores and reported production rates of approximately 7,570 bbls/d before the wells came onstream and approximately 8,250 bbls/d afterwards, both before royalties.
- Valeura intends to resume Gulf of Thailand drilling in early November 2026, subject to the risks and conditions set out in its announcement.
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