(WO) — Valeura Energy has received Thai government approval for its farm-in to two PTTEP blocks in the Gulf of Thailand, giving the company a 40% working interest in the offshore acreage.
Thailand’s Cabinet approved the transfer of interests in Blocks G1/65 and G3/65 from PTTEP Energy Development Co., a subsidiary of PTT Exploration and Production (PTTEP), to Valeura.
Under the farm-in agreement, Valeura will earn a 40% undivided working interest by paying 40% of PTTEP’s previously incurred costs and funding a 163-km² 3D seismic survey over the Nong Yao Northeast focus area.
Valeura estimated its total costs under the agreement at approximately $25.6 million as of Aug. 31, 2026. The amount includes a previously paid $1.85 million deposit and $2.8 million for the carried 3D seismic program.
The back costs include Valeura’s share of 1,184 km² of 3D seismic previously acquired across other areas of the blocks, four exploration wells drilled in 2025, geotechnical studies, license award fees and development planning.
Valeura and PTTEP are continuing to exchange technical information as they plan the next phases of exploration and potential development across the blocks. Valeura said additional details on the program will be provided at a later date.
Top image: PTTEP
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