Valeura Energy Inc - VLERF STOCK NEWS

Valeura Energy Inc. (VLERF) announced record-high year-end 2024 reserves with 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P), and 60 MMbbl proved plus probable plus possible (3P) reserves. The company achieved a 2P reserves replacement ratio of 245% despite a 12% increase in annual production.

The company's 2P reserves net present value before tax reached US$934 million and US$752 million after tax. With a year-end 2024 cash position of US$259 million, the company's net asset value (NAV) stands at US$1,012 million, equivalent to C$13.6 per common share.

Contingent resources doubled to 48 MMbbl compared to end-2023. The company significantly reduced decommissioning costs through engineering studies and extended end of field life beyond 2030. All Thailand fields showed increased 2P reserves and extended field life.

Valeura Energy reported strong Q4 2024 performance with record oil production averaging 26,109 bbls/d, leading to full-year production of 22,825 bbls/d. Q4 oil sales reached 2.95 million bbls, generating revenue of US$226 million with average price realizations of US$76.7/bbl. Full-year 2024 revenue totaled US$679 million.

The company ended 2024 with a robust cash position of US$259.4 million and no debt. For 2025, Valeura projects oil production of 23,000-25,500 bbls/d, with planned capital expenditure of US$125-150 million and exploration expenses of US$11 million.

Key operational achievements include completion of a five-well program at Jasmine asset, successful corporate restructuring for tax efficiencies, and a 17% reduction in greenhouse gas emissions intensity. The company continues its share buyback program, having repurchased 348,400 shares in Q4 2024.

Valeura Energy has successfully completed a five-well infill drilling campaign at the Jasmine field in the Gulf of Thailand. The campaign included two wells on Jasmine A platform and three on Jasmine D platform, all successful and producing. The JSD-42 well targeted the 250 sand reservoir and identified five additional future producing zones. JSD-41H and JSD-43H were horizontal development wells in the 680-1 sand reservoir, both extending over 2,000ft with 100% net sand. Oil production has increased 26% to 9,801 bbls/d from previous 7,764 bbls/d. The drilling rig has now moved to the Manora field for a five-well program.

Valeura Energy reported Q3 2024 results with revenue of US$139 million and adjusted EBITDAX of US$71 million. The company achieved record production in September and October 2024, averaging 26.4 mbbls/d. The Nong Yao C field development came online in August 2024, resulting in a 66% increase in production. The company completed its corporate restructuring on November 1, 2024, pooling US$397 million in tax losses. Valeura maintains a strong financial position with US$156 million in cash and remains debt-free. The company announced a share buyback program starting November 14, 2024.

Valeura Energy has received TSX approval for a Normal Course Issuer Bid (NCIB) share buyback program, running from November 14, 2024, to November 13, 2025. The company can purchase and cancel up to 7,390,245 shares, representing 10% of its public float. The daily purchase limit is set at 78,509 shares. The program aims to enhance shareholder value, as management believes the current share price may not reflect the company's intrinsic value. Valeura will implement an automatic share purchase plan with a designated broker to facilitate purchases during blackout periods.

Valeura Energy has completed an internal restructuring of its Thailand subsidiary companies. The company's working interests in Thai III fiscal contracts, covering Nong Yao, Manora and Wassana fields, are now held by Valeura Energy (Thailand) This restructuring aims to optimize operations and finances through improved contracting, procurement, and pooling of costs and tax loss carry-forwards, estimated at US$397 million as of September 30, 2024. The three assets will now be taxed as a single entity, with previous tax obligations to be settled within 30 days. The Jasmine field, under Thai I fiscal terms, remains separately managed.

Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) has released its Q3 2024 operations and financial update. Key highlights include:

- Average oil production of 22.2 mbbls/d for Q3 2024, increasing to 26.4 mbbls/d in September
- Revenue of US$139 million with an average price realization of US$79/bbl
- Cash balance of US$156 million, remaining debt-free
- Successful commissioning of Nong Yao C development, boosting Nong Yao production by 66%
- Oil sales of 1.8 million barrels with increased inventory of 1.2 million bbls at quarter-end
- Resumed production at Wassana field after safety confirmation
- Recognized as one of Canada's Top Growing Companies, ranking 8th out of over 400 evaluated

The company's Q3 performance demonstrates financial resilience and organic growth potential, with strong cash flow generation and a robust balance sheet positioning Valeura advantageously in a volatile market environment.

Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) has successfully ramped up oil production at its Nong Yao C development in the Gulf of Thailand. The greater Nong Yao complex is now operating at full processing capacity, with stable average production of 13.4 mbbls/d (12.1 mbbls/d net to Valeura's 90% working interest). Combined with the Wassana field, the Company's aggregate oil production has reached 26.2 mbbls/d (working interest share, before royalties).

The Company plans to maintain production at approximately 25 mbbls/d for at least the next four months through infill development drilling at the Jasmine and Manora fields. Valeura's recent financial results indicate strong cash generation, and management is evaluating options to deploy net cash to add shareholder value.

Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) has announced first oil production from its Nong Yao C development in the Gulf of Thailand. The company, with a 90% operated working interest, initiated production on August 15, 2024, with three of seven planned wells. Valeura aims to achieve peak production rates of approximately 11,000 bbls/d within weeks, up from recent rates of 7,200 bbls/d. The company plans to maintain this production level for the remainder of 2024.

CEO Dr. Sean Guest highlighted the project's efficiency, coming in below budget and meeting all geologic objectives. The drilling program has also successfully appraised several upside targets, potentially contributing to future reserves and resources.