Valeura Energy Inc.: Amendment – Q1 2024 Operations and Financial Update

April 10, 2024

The following amendments have been made to the ‘ Q1 2024 Operations and Financial Update’ announcement released on 10 April 2024.

In the second and third paragraphs under ‘Q1 2024 Update’, Q1 2023 has been changed to Q1 2024.
All other details remain unchanged.

The full amended text is shown below.

Q1 2024 Operations and Financial Update

SINGAPORE, April 10, 2024 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Türkiye, is pleased to provide an update on Q1 2024 operations.

Highlights for Q1 2024

Oil production averaged 21.9 mbbls/d, quarter exit rate of approximately 23.0 mbbls/d(1);Scheduled maintenance conducted safely and under planned time and budget on Manora and Jasmine production facilities;Price realisations of US$84.6/bbl, a US$1.5/bbl premium over Brent;Revenue of US$149.4 million while oil inventory increased 31% to 0.9 million bbls; andCash at bank of US$193.6 million, no debt;

(1)   Working interest share oil production, before royalties.

Sean Guest, President and CEO commented:

“I am pleased to share highlights of our Q1 2024 operational performance with production performance up 14% from Q4 2023 and very much in line with our plan.  The increased production reflects strong performance of the new wells at the Wassana field, but was slightly offset by shutdowns for scheduled maintenance at two of our fields to ensure ongoing world class standards for integrity. We exited the quarter with aggregate production rates of approximately 23.0 mbbls/d. 

Our financial performance has been strong too.  With price realisations at or slightly above our guidance outlook, we generated Q1 2024 revenue of US$149.4 million.  After accounting for cash outflows, including spending which is tracking our guidance assumptions, the result was a further build in our cash position to US$193.6 million.  Our balance sheet is going from strength to strength, and we feel it is appropriate to stay the course and to build even more resilience as we seek out value-accretive opportunities both within our portfolio and through potential mergers and acquisitions.

We are in a strong position at the close of Q1 and look forward to translating that strength into value through our exploration drilling campaign, followed by our development of the Nong Yao C accumulation thereafter, and further organic projects later in the year.”

Q1 2024 Update

Production averaged 21.9 mbbls/d during Q1 2024 (Valeura’s working interest share, before royalties), an increase of 14% over Q4 2023.  Q1 2024 average production rates were affected by planned downtime at the Jasmine and Manora fields for scheduled maintenance, which was conducted safely and under the planned time and budget.  By the end of the quarter, maintenance work had been completed and all fields were in operation, with aggregate rates of approximately 23.0 mbbls/d.  Overall production performance has been in line with management’s plan, and accordingly, Valeura is pleased to re-iterate its full year 2024 production guidance outlook of 21.5 – 24.5 mbbls/d. 

Oil sales totalled 1.8 million bbls, during Q1 2024, slightly below the 2.0 million bbls sold during Q4 2023, due to the timing of liftings.  At the end of the quarter, the Company held crude oil inventory of 0.9 million bbls, a 31% increase over the end Q4 2023 inventory.  It is expected that this increased inventory will be sold in Q2 2024.

Price realisations averaged US$84.6/bbl during Q1 2024, reflecting a US$1.5/bbl premium over the Brent crude oil benchmark, which averaged US$83.1/bbl.  Consistent with 2023, price realisations have continued to meet or slightly exceed management’s guidance outlook of approximate parity with the Brent benchmark. 

Oil revenue during Q1 2024 was US$149.4 million.  After accounting for outflows of cash during the quarter, including operating costs and capital spending in line with the Company’s guidance expectations, the Company’s cash at bank balance had increased to US$193.6 million at March 31, 2024, which includes US$17.3 million held as restricted cash.  Valeura has no debt.

All of the Company’s guidance outlook expectations for 2024 are again confirmed.

Category2024 GuidanceProduction21.5 – 24.5 mbbls/dPrice realisationsApproximately equivalent to the Brent crude oil benchmarkOpex(1)US$205 – 235 millionCapex(2)US$135 – 155 millionExploration ExpenseApproximately US$8 million

(1)   Represents Adjusted Opex, a Non-IFRS financial measure.  For details refer to the “Non-IFRS Financial Measures and Ratios” section with the Company’s Management’s Discussion and Analysis for the year ended December 31, 2023, dated March 26, 2024.

(2)   Represents Adjusted Capex, a Non-IFRS financial measure.  For details refer to the “Non-IFRS Financial Measures and Ratios” section with the Company’s Management’s Discussion and Analysis for the year ended December 31, 2023, dated March 26, 2024.

Operations Update

Valeura provided an operations update on March 26, 2024, along with its announcement of results for Q4 and the full year 2023.  Since that time, the Company has been conducting an exploration drilling campaign, and will provide an update shortly.  Thereafter, later in April 2024, Valeura intends to mobilise its sole contracted drilling rig to the Nong Yao field to commence a development drilling campaign on the Nong Yao C accumulation targeting production rates from the greater Nong Yao area to 11.0 mbbls/d (working interest share, before royalties).

Results Timing and AGM

Valeura intends to release its full unaudited financial and operating results for Q1 2024 on May 9, 2024, and will discuss the results in more detail through a management webcast hosted in conjunction with its Annual and Special Meeting of Shareholders (the “meeting”) later that day.  The notice of meeting and related Management’s Information Circular have been mailed to shareholders and are available on the Company’s website and on

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries)                       +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO

Valeura Energy Inc. (Investor Enquiries)                             +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations

CAMARCO (Public Relations, Media Adviser to Valeura)  +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg

Contact details for the Company’s advisors, covering research analysts, and joint brokers, including Auctus Advisors LLP, Cormark Securities Inc., Research Capital Corporation, Schachter Energy Report, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye.  The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia.  Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to: the Company’s reiteration of its guidance outlook for 2024 (including anticipated 2024 oil production rates, Price realisations, Opex, Capex, and Exploration Expense); the Company being in a strong position at the close of Q1 2024, and its ability to translate that strength into value growth; the Company’s expectation that its increased inventory will be sold in Q2 2024; the Company’s intent to provide an update shortly in regards to its exploration drilling campaign;  Valeura’s intent to, later in April 2024, mobilise its sole contracted drilling rig to the Nong Yao field to commence a development drilling campaign on the Nong Yao C accumulation; the Company’s target production rates from the greater Nong Yao area; and Valeura’s intended timing to release financial and operating results for Q1 2024.  In addition, statements related to “reserves” are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and profitably produced in the future.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; ability to attract a partner to participate in its tight gas exploration/appraisal play in Türkiye; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this new release is expressly qualified by this cautionary statement.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. 



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