Valeura Energy Inc. Announces Q3 2024 Operations and Financial Update
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) ha rilasciato il suo aggiornamento operativo e finanziario per il terzo trimestre del 2024. I punti salienti includono:
- Produzione media di petrolio di 22,2 mbbls/d per il terzo trimestre del 2024, che è aumentata a 26,4 mbbls/d a settembre
- Ricavi di 139 milioni di dollari USA con un prezzo medio realizzato di 79 dollari USA/bbl
- Saldo di cassa di 156 milioni di dollari USA, rimanendo senza debiti
- Commissioning riuscito dello sviluppo di Nong Yao C, aumentando la produzione di Nong Yao del 66%
- Vendite di petrolio di 1,8 milioni di barili con un inventario aumentato di 1,2 milioni di bbls alla fine del trimestre
- Ripresa della produzione nel campo di Wassana dopo la conferma di sicurezza
- Riconosciuta come una delle aziende con maggiore crescita in Canada, classificandosi al 8° posto su oltre 400 valutate
La performance dell'azienda nel terzo trimestre dimostra resilienza finanziaria e potenziale di crescita organica, con una generazione di flussi di cassa forte e una solida posizione patrimoniale che posiziona Valeura in modo vantaggioso in un ambiente di mercato volatile.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ha publicado su actualización operativa y financiera del tercer trimestre de 2024. Los puntos destacados incluyen:
- Producción promedio de petróleo de 22,2 mbbls/d para el tercer trimestre de 2024, aumentando a 26,4 mbbls/d en septiembre
- Ingresos de 139 millones de dólares estadounidenses con un precio medio realizado de 79 dólares/bbl
- Saldo de efectivo de 156 millones de dólares estadounidenses, manteniéndose libre de deudas
- Comisionamiento exitoso del desarrollo de Nong Yao C, aumentando la producción de Nong Yao en un 66%
- Ventas de petróleo de 1,8 millones de barriles con un inventario incrementado de 1,2 millones de bbls al final del trimestre
- Producción reanudada en el campo de Wassana tras la confirmación de seguridad
- Reconocida como una de las Empresas de Más Rápido Crecimiento de Canadá, ocupando el 8° puesto entre más de 400 evaluadas
El desempeño de la compañía en el tercer trimestre demuestra resiliencia financiera y potencial de crecimiento orgánico, con una fuerte generación de flujo de efectivo y una sólida posición en el balance que posiciona a Valeura de manera ventajosa en un entorno de mercado volátil.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF)가 2024년 3분기의 운영 및 재무 업데이트를 발표했습니다. 주요 내용은 다음과 같습니다:
- 2024년 3분기 평균 원유 생산량 22.2 mbbls/d, 9월에 26.4 mbbls/d로 증가
- 매출 1억 3900만 달러, 평균 가격 실현은 79달러/bbl
- 현금 보유액 1억 5600만 달러, 부채 없음
- Nong Yao C 개발의 성공적인 커미셔닝으로 Nong Yao 생산량 66% 증가
- 분기 말 기준 180만 배럴의 원유 판매 및 120만 배럴의 재고 증가
- 안전 확인 후 Wassana 유전에서 생산 재개
- 400개 이상의 평가된 회사 중에서 8위에 올라 캐나다에서 가장 빠르게 성장하는 기업으로 인정받음
회사의 3분기 성과는 재무적 탄력성과 유기적 성장 잠재력을 나타내며, 강력한 현금 흐름 생성과 견고한 대차대조표가 변동성이 큰 시장 환경에서 Valeura를 유리하게 위치시킵니다.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) a publié sa mise à jour opérationnelle et financière pour le troisième trimestre 2024. Les faits marquants incluent :
- Production moyenne de pétrole de 22,2 mbbls/j pour le T3 2024, passant à 26,4 mbbls/j en septembre
- Revenus de 139 millions USD avec un prix moyen réalisé de 79 USD/baril
- Solde de trésorerie de 156 millions USD, sans dettes
- Mise en service réussie du développement de Nong Yao C, augmentant la production de Nong Yao de 66%
- Ventes de pétrole de 1,8 million de barils avec un inventaire accru de 1,2 million de bbls à la fin du trimestre
- Reprise de la production dans le champ de Wassana après confirmation de sécurité
- Reconnu comme l'une des entreprises à la croissance la plus rapide au Canada, se classant 8e parmi plus de 400 évaluées
Les performances de l'entreprise au troisième trimestre démontrent une résilience financière et un potentiel de croissance organique, avec une forte génération de flux de trésorerie et un bilan robuste positionnant Valeura de manière avantageuse dans un environnement de marché volatil.
Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) hat sein operatives und finanzielles Update für das dritte Quartal 2024 veröffentlicht. Zu den wichtigsten Punkten gehören:
- Durchschnittliche Ölproduktion von 22,2 mbbls/d im dritten Quartal 2024, die im September auf 26,4 mbbls/d ansteigt
- Einnahmen von 139 Millionen USD mit einem durchschnittlichen Preis von 79 USD/bbl
- Barguthaben von 156 Millionen USD, weiterhin schuldenfrei
- Erfolgreiche Inbetriebnahme der Nong Yao C Entwicklung, die die Produktion von Nong Yao um 66% steigert
- Ölverkäufe von 1,8 Millionen Barrel bei einem erhöhten Lagerbestand von 1,2 Millionen Bbls zum Quartalsende
- Wiederaufnahme der Produktion im Wassana-Feld nach Sicherheitsbestätigung
- Als eines der am schnellsten wachsenden Unternehmen Kanadas anerkannt, Platz 8 von über 400 bewerteten Unternehmen
Die Leistung des Unternehmens im dritten Quartal zeigt finanzielle Widerstandsfähigkeit und organisches Wachstumspotenzial, unterstützt durch starke Cashflow-Generierung und eine robuste Bilanz, die Valeura in einem volatilen Marktumfeld vorteilhaft positioniert.
- Increased oil production to 26.4 mbbls/d in September, up 23% from Q2 2024 average
- Strong cash position of US$156 million with no debt
- Successful commissioning of Nong Yao C development, increasing field production by 66%
- Efficient drilling operations at Nong Yao C, with costs 25% below budget
- Two new Jasmine infill wells delivering initial production of 1,050 bbls/d
- Expanded drilling program at Manora field within existing capital budget
- 17% decrease in Q3 revenue compared to Q2 due to lower sales volumes and oil prices
- 6% decrease in oil sales volume compared to the previous quarter
- Temporary suspension of Wassana field production in July for safety inspection
- 20% drop in benchmark oil prices over the course of Q3
CALGARY, AB / ACCESSWIRE / October 3, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or the "Company")is pleased to provide an update on Q3 2024 operations.
Highlights for Q3 2024
· Oil production averaged22.2mbbls/d(1) for Q3 2024 and 26.4 mbbls/d during September 2024(1);
· Nong Yao C development was commissioned and put on production, which resulted in a
· Production resumed at Wassana after confirming the safe operating condition of its production facility;
· Oil volumes sold of 1.8 million barrels with increased oil inventory at quarter end of 1.2 million bbls;
· Revenue ofUS
· Cash of US
· Valeura remains debt free; and
· Recognised as one of Canada's Top Growing Companies by The Globe and Mail, ranking no. 8 of over 400 companies evaluated.
(1) Working interest share production, before royalties.
(2) 11.6 mbbls/d (last seven days of Q3), compared to 7.0 mbbls/d (the week just prior to starting Nong Yao C).
Dr. Sean Guest, President and CEO commented:
"I am pleased to share preliminary details of our Q3 2024 performance, which illustrates both the financial resilience and the organic growth potential of our portfolio.
Our financial performance has been strong. We recorded gross revenue ofUS
From an operations perspective, our Q3 performance demonstrates the value of pursuing organic developments within our portfolio, underscored by our Nong Yao C development, which began bolstering production rates from mid-August onward. The average working interest share oil production for the month of September was 26.4 mbbls/d (before royalties), an increase of
Valeura's portfolio is uniquely pre-disposed to generating strong cash flow, and I see this as a critical differentiating factor within our industry. We are driving toward an even stronger balance sheet, which remains wholly unlevered, thereby providing a distinct competitive advantage in an increasingly distressed market, precipitated by benchmark oil prices which have fallen more than
Financial Update
Oil production averaged22.2mbbls/d during Q3 2024 (Valeura's working interest share, before royalties), an increase of
Oil sales / liftings totalled1.8million bbls during Q3 2024,
Oil revenue during Q3 2024 wasUS
During Q3 2024, the Company paid petroleum taxes ofUS
Operations Update
Nong Yao
In early August 2024, the Company completed drilling operations on the Nong Yao C extension, at its
The Nong Yao C development has yielded a
Wassana
Just prior to the start of Q3 2024, the Company implemented a precautionary suspension of production operations at its
Jasmine
Starting in late August 2024, Valeura drilled two horizontal infill development wells on the Jasmine A facility of its
Following the drilling of the two Jasmine infill wells, the Company's contracted drilling rig was demobilised in order to conduct scheduled inspection and maintenance work in dry dock. The rig has just returned to the Jasmine field to resume infill development drilling, with three infill wells currently planned.
Manora
As a result of faster-than-planned drilling operations throughout 2024 to date, the Company has revised its work programme to include more drilling than originally envisaged, with no addition to its capital budget. Valeura expects to mobilise the drilling rig to its
Results Timing
Valeura intends to release its full unaudited financial and operating results for Q3 2024 on November 13, 2024, and will discuss the results in more detail through a management webcast, with details to be announced at that time.
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 and Media Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com
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, and Stifel Nicolaus Europe Limited, are listed on the Company's website at www.valeuraenergy.com/investor-information/analysts/.
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 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 Company's anticipated revenue in early Q4 2024 as a result of liftings just before and just after the end of Q3; the Company's drive toward an even stronger balance sheet; forecasted production rates remaining in the 25 mbbls/d range for the remainder of 2024; increased production supporting a full year average production outcome in keeping with its guidance expectations plans for infill development drilling on the Jasmine asset, and thereafter on the Manora asset; and the Company's anticipated timing for the release of its full unaudited financial and operating results for Q3 2024.
Forward-looking information is based on management's current expectations and assumptions regarding, among other things: drilling plans for the remainder of 2024; 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; 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.
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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