Valeura Energy Inc. Announces Nong Yao C Production Ramp Up
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) ha aumentato con successo la produzione di petrolio nel suo sviluppo Nong Yao C nel Golfo della Thailandia. L'intero complesso Nong Yao sta ora operando alla piena capacità di lavorazione, con una produzione media stabile di 13,4 mbbls/giorno (12,1 mbbls/giorno netti per la partecipazione del 90% di Valeura). Combinata con il campo Wassana, la produzione aggregata di petrolio dell'azienda ha raggiunto 26,2 mbbls/giorno (quota di interesse di lavoro, prima delle royalties).
L'azienda prevede di mantenere la produzione a circa 25 mbbls/giorno per almeno i prossimi quattro mesi attraverso perforazioni di sviluppo infill nei campi Jasmine e Manora. I recenti risultati finanziari di Valeura indicano una forte generazione di cassa e il management sta valutando opzioni per utilizzare il denaro netto per aumentare il valore per gli azionisti.
Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ha aumentado con éxito la producción de petróleo en su desarrollo Nong Yao C en el Golfo de Tailandia. El complejo Nong Yao está funcionando ahora a plena capacidad de procesamiento, con una producción promedio estable de 13.4 mbbls/día (12.1 mbbls/día netos para el interés de trabajo del 90% de Valeura). Combinado con el campo Wassana, la producción total de petróleo de la compañía ha alcanzado 26.2 mbbls/día (participación de interés, antes de regalías).
La compañía planea mantener la producción en aproximadamente 25 mbbls/día durante al menos los próximos cuatro meses mediante perforaciones de desarrollo infill en los campos Jasmine y Manora. Los recientes resultados financieros de Valeura indican una sólida generación de efectivo, y la dirección está evaluando opciones para desplegar el efectivo neto para añadir valor a los accionistas.
Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF)는 태국만에 위치한 Nong Yao C 개발에서 성공적으로 석유 생산을 증가시켰습니다. Nong Yao 복합단지는 현재 완전 가동 용량으로 운영되고 있으며, 13.4 mbbls/일의 안정적인 평균 생산량을 기록하고 있습니다 (Valeura의 90% 작업 지분 기준 12.1 mbbls/일). Wassana 유전과 결합하여, 회사의 총 석유 생산량은 26.2 mbbls/일에 도달했습니다 (로열티 이전 작업 지분).
회사는 자스민 및 마노라 유전에서의 내부 개발 드릴링을 통해 향후 최소 4개월 동안 약 25 mbbls/일의 생산을 유지할 계획입니다. Valeura의 최근 재무 결과는 강한 현금 생성 능력을 나타내며, 경영진은 주주 가치를 추가하기 위해 순현금을 사용할 옵션을 평가하고 있습니다.
Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) a réussi à augmenter sa production de pétrole dans son développement Nong Yao C dans le Golfe de Thaïlande. L'ensemble du complexe Nong Yao fonctionne maintenant à pleine capacité de traitement, avec une production moyenne stable de 13,4 mbbls/jour (12,1 mbbls/jour nets pour la participation de 90% de Valeura). Combinée au champ Wassana, la production agrégée de pétrole de la société a atteint 26,2 mbbls/jour (part de l'intérêt de travail, avant royalties).
La société prévoit de maintenir la production à environ 25 mbbls/jour pendant au moins les quatre prochains mois grâce à des forages de développement en remplissage dans les champs Jasmine et Manora. Les résultats financiers récents de Valeura indiquent une forte génération de cash, et la direction évalue des options pour utiliser le cash net afin d'ajouter de la valeur aux actionnaires.
Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) hat die Ölproduktion erfolgreich im Nong Yao C Entwicklungsprojekt im Golf von Thailand gesteigert. Der gesamte Nong Yao-Komplex arbeitet nun mit voller Verarbeitungskapazität und verzeichnet eine stabile durchschnittliche Produktion von 13,4 mbbls/Tag (12,1 mbbls/Tag netto für Valeuras 90% Beteiligung). In Verbindung mit dem Wassana-Feld hat die Gesamtölproduktion des Unternehmens 26,2 mbbls/Tag erreicht (Anteil an der Arbeitsbeteiligung vor Royalties).
Das Unternehmen plant, die Produktion für mindestens die nächsten vier Monate bei etwa 25 mbbls/Tag zu halten durch Infill-Entwicklungsbohrungen in den Feldern Jasmine und Manora. Die aktuellen Finanzzahlen von Valeura deuten auf eine starke Cash-Generierung hin, und das Management prüft Optionen, um Netto-Cash bereitzustellen, um den Unternehmenswert für die Aktionäre zu steigern.
- Successful ramp-up of Nong Yao C development, reaching full processing capacity
- Stable aggregate oil production of 26.2 mbbls/d (working interest share, before royalties)
- Plans to maintain production at ~25 mbbls/d for at least four months through infill drilling
- Strong cash generation reported in recent financial results
- None.
Nong Yao C Production Ramp Up
CALGARY / ACCESSWIRE / August 27, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce the successful ramp-up of oil production at its Nong Yao C development, in Licence G11/48, offshore Gulf of Thailand.
The greater Nong Yao complex is now operating at its full processing capacity, with stable average production over the past seven days of 13.4 mbbls/d (12.1 mbbls/d net to the Company's
Dr. Sean Guest, President and CEO commented:
"I am very pleased to see the Nong Yao complex operating at its full capacity just two weeks after we announced first production from the Nong Yao C development. Commissioning of the new facility and the ramp up in production proceeded rapidly, and without incident. Production has been stable for the past week from six of the development wells. A seventh well is expected to be started within the coming weeks, to create spare production capacity.
With this organic growth project now coming to fruition, and stable operations across the rest of the portfolio, including the Wassana field, our total working interest share production has averaged 26.2 mbbls/d (before royalties) over the last seven days.
Moreover, our work programme for the remainder of the year entails drilling infill development wells at both the Jasmine and Manora fields to offset declines, and to bolster our plan to maintain production at approximately 25 mbbls/d for at least the next four months.
As evidenced by our recent financial results for the period ending June 30, 2024, we are a strongly cash generative business, and are continually evaluating how to deploy our net cash to best add value for our many shareholders."
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com
Valeura Energy Inc. (Investor Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com
CAMARCO (Public Relations, Media Adviser to Valeura) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg
Valeura@camarco.co.uk
Contact details for the Company's advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, Schachter Energy Report, and Stifel Nicolaus Europe Limited, are listed on the Company's website at www.valeuraenergy.com/investor-information/analysts/.
About Valeura
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 www.sedarplus.ca.
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 timing to bring on additional Nong Yao C wells; the plan to drill additional infill development wells at both the Jasmine and Manora fields; and the plan maintain production at approximately 25 mbbls/d for at least the next four months.
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.
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 announcement 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 announcement 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.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Valeura Energy Inc.
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FAQ
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