Valeura Energy Inc - VLERF STOCK NEWS

Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) has announced the planned restart of production operations at the Wassana field in the Gulf of Thailand. The company had suspended oil production on June 28, 2024, due to an anomaly on one of the steel jack-up legs of the mobile offshore production unit (MOPU). After thorough underwater inspection, including magnetic particle testing, Valeura concluded that the observed crack in a weld was superficial and posed no risk to the facility's structural integrity.

The company expects to achieve pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within a week. Valeura will continue to operate under strict safety standards and conduct regular underwater inspections. Additionally, the company is progressing with front-end engineering and design work for a larger-scale redevelopment of the Wassana asset, targeting readiness for a final investment decision by the end of 2024.

Valeura Energy Inc. reported its Q2 2024 operational and financial results, highlighting a production average of 21.1 mbbls/d and revenue of US$164 million. The company achieved drilling success at Nong Yao and initiated development drilling at Nong Yao C, targeting to increase production from 7,000 bbls/d to 11,000 bbls/d by Q3 2024.

Valeura realized record oil prices of US$87.7/bbl, surpassing Brent crude by US$2.7/bbl. Despite significant cash outlays totaling US$109 million, the company ended the quarter debt-free with US$145 million in cash.

Production at the Wassana field was suspended on June 28 due to a potential risk to the production facility's structural integrity. An advanced inspection is set for late July, which will determine the next steps. Additionally, Valeura began a FEED study for the Wassana redevelopment project, with a final investment decision expected by the end of 2024.

Valeura Energy (TSX:VLE, OTCQX:VLERF) has announced a precautionary suspension of production at its Wassana field in the Gulf of Thailand, effective June 27, 2024. This decision follows the identification of a crack in one of the steel jack-up legs of the mobile offshore production unit (MOPU) Ingenium during a routine underwater inspection. Although no incidents or environmental impacts have occurred, the company has halted operations to ensure safety while conducting further inspections and analysis. Valeura is collaborating with internal and external experts to determine the next steps and will provide updates, including a Q2 2024 operations update by mid-July 2024.

Valeura Energy has completed the acquisition of the Floating Storage and Offloading (FSO) vessel, Aurora, for $19 million. This vessel, located at the Nong Yao field in the Gulf of Thailand, was previously leased from Omni Offshore Terminals. The purchase was finalized on June 11, 2024, with the transfer occurring offshore. Funding came from Valeura’s cash resources. The company expects the move to provide operational flexibility and reduce operating costs.

Valeura Energy has been awarded the Upstream Company of the Year award and its President and CEO, Dr. Sean Guest, has been named Executive of the Year by the Energy Council. The awards were announced during the Asia Pacific Energy Capital Assembly and Awards Dinner held on June 5, 2024, in Singapore. Dr. Guest expressed his delight in receiving the awards, emphasizing the company's commitment to adding value and its team's role in achieving this recognition.

Valeura Energy has successfully completed an infill drilling campaign at Nong Yao A and initiated development drilling on Nong Yao C, located in the Gulf of Thailand. The infill campaign included two production wells, 37H and 38H, yielding 500 bbls/d and 1,000 bbls/d of oil, respectively. Moreover, the Nong Yao C extension project has started with the aim to develop up to nine wells, expecting first oil by Q3 2024. This expansion targets an aggregate peak oil production rate of 11,000 bbls/d, a 50% increase from Q1 2024. President and CEO Sean Guest emphasized the safety record, noting one year without lost time injury.

Valeura Energy has released its 2023 sustainability report, focusing on environmental preservation, health and safety, and social and governance responsibilities. The inaugural report, approved by the Board of Directors, is available on Valeura's website. CEO Sean Guest emphasized the company's commitment to sustainability as part of its core duties and long-term value generation. Additionally, Valeura has published reports on its compliance with Canada's Modern Slavery Act and the Extractive Sector Transparency Measures Act. The release underscores the company’s dedication to ethical practices and regulatory adherence.

Valeura Energy Inc. announced the results of its annual and special meeting of shareholders, where shareholders approved the appointment of auditors, election of directors, and a shareholder rights plan. Dr. W. Sean Guest, Dr. Timothy R. Marchant, Russell J. Hiscock, Timothy N. Chapman, Lina Lee, and Anna Green were elected as directors.

Valeura Energy Inc. reported strong Q1 2024 results with an oil production increase of 14%, generating revenue of US$149.4 million. Company's cash and net cash balance reached US$193.7 million with no debt, adjusted EBITDAX of US$89.0 million, and adjusted cash flow from operations of US$47.8 million. Year to date achievements include successful drilling and oil discoveries. Operations progress on plan with ongoing efficiency improvements and growth prospects.