SINGAPORE, Aug. 07, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its unaudited financial and operating results for the three and six month periods ended June 30, 2025.
Q2 Highlights
- Oil production of 21.4 mbbls/d(2) and oil sales of 1.9 million bbls;
- Average realised price of US$67.9/bbl, generating revenue of US$129.3 million;
- Adjusted EBITDAX of US$62.4 million(1) and adjusted after tax cashflow from operations of US$50.5 million(1);
- Cash and net cash balance as of June 30, 2025 of US$242.0 million(1),(3), with no debt;
- Adjusted Working Capital as of June 30, 2025 of US$261.6 million;
- Final investment decision (“FID”) taken on the Wassana field redevelopment, and
- No change to the updated guidance disclosed post the Wassana field redevelopment FID.
Recent Achievements
- Recent production averaged 23,150 bbls/d(2),(5), an increase of approximately 8% over the Q2 average;
- Strategic farm-in agreement with a subsidiary of PTT Exploration and Production Plc (“PTTEP”)(4);
- 40% working interest in blocks G1/65 and G3/65, offshore Gulf of Thailand;
- Earning by payment of US$14.7 million in back costs and carried US$3.7 million seismic acquisition;
- Substantial acreage expansion in Thailand from 2,623 km2 to 22,757 km2;
- Infrastructure-led growth potential, with existing discoveries in tie-back range of infrastructure;
- Immediate activity with four wells already drilled in 2025 and 3D seismic acquisition commencing this quarter; and.
- 2024 Sustainability Report published, highlighting a 20% reduction in greenhouse gas emissions intensity, compared to the previous year.
(1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.
(2) Working interest share production, before royalties.
(3) Includes restricted cash of US$23.2 million.
(4) Subject to government of Thailand approval.
(5) August production ending August 5, 2025.
Dr. Sean Guest, President and CEO commented:
“We are taking bold steps to evolve our business and to assure value creation through growth in the long-term. During Q2 we took a positive final investment decision on the Wassana field redevelopment project and have now started the construction phase. With a new central processing platform, designed to accommodate future tie-in of satellite developments, we envisage a production start in Q2 2027 and thereafter, a future for the asset spanning at least the next two decades.
More recently, our strategic farm-in with PTTEP will add a new level of depth and diversity to our portfolio. We see opportunities for infrastructure-led gas developments, promising oil opportunities, and an exploration set that entails a nearly ten-fold expansion in gross acreage. All of this within our core Gulf of Thailand jurisdiction, and immediately adjacent to our operated facilities and large gas-producing fields. As a result, the future of our business is taking shape, and our team is excited to pursue these ambitions with vigour.
As we begin to invest into these longer-term opportunities, we are vigilant about maintaining a strong financial position to support our endeavours. We believe our Q2 2025 performance illustrates the strength of our underlying asset base, which serves as the engine to fund growth. Even against the backdrop of lower global oil prices and lower liftings, we generated over US$50 million Adjusted Cashflow from Operations(1), on an after-tax basis. Our business remains fundamentally healthy and capable of supporting our investment plans. Ultimately, we have ended the quarter with Adjusted Net Working Capital(1) of US$261.6 million, and no debt.
At the same time, we continue to prioritise safety and sustainability in everything we do. We have recently published our 2024 Sustainability Report, which demonstrates the positive steps we are taking on the important dimensions of environmental stewardship, social responsibility, and corporate governance. In particular, we are pleased to highlight a 20% reduction in greenhouse gas emissions intensity in Valeura’s first full year of operating these assets. These guiding principles govern our actions both as we look to continue value generation from our existing portfolio, and also as we seek further inorganic growth.”
(1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.
Financial and Operating Results Summary
| Three months ended Jun 30, 2025 |
Three months ended Mar 31, 2025 |
Delta (%) | Three months ended Jun 30, 2024 |
Delta (%) | ||||||
| Oil Production(1) | (‘000 bbls) | 1,949 | 2,147 | -9 | % | 1,917 | 2 | % | ||
| Average Daily Oil Production(1) | (bbls/d) | 21,412 | 23,853 | -10 | % | 21,068 | 2 | % | ||
| Average Realised Price | (US$/bbl) | 67.9 | 78.7 | -14 | % | 87.7 | -23 | % | ||
| Oil Volumes Sold | (‘000 bbls) | 1,902 | 1,881 | 1 | % | 1,870 | 2 | % | ||
| Oil Revenue | (US$’000) | 129,264 | 148,081 | -13 | % | 163,960 | -21 | % | ||
| Net Income | (US$’000) | 5,449 | 14,073 | -61 | % | 11,309 | -52 | % | ||
| Adjusted EBITDAX(2) | (US$’000) | 62,380 | 87,216 | -28 | % | 99,594 | -37 | % | ||
| Adjusted Pre-Tax Cashflow from Operations(2) | (US$’000) | 51,555 | 74,384 | -31 | % | 87,117 | -41 | % | ||
| Adjusted Cashflow from Operations(2) | (US$’000) | 50,534 | 73,954 | -32 | % | 65,686 | -23 | % | ||
| Operating Expenses | (US$’000) | 43,796 | 38,852 | 13 | % | 41,694 | 5 | % | ||
| Adjusted Opex(2) | (US$’000) | 54,621 | 51,684 | 6 | % | 54,171 | 1 | % | ||
| Operating Expenses per bbl | (US$/bbl) | 22.5 | 18.1 | 24 | % | 21.7 | 4 | % | ||
| Adjusted Opex per bbl(2) | (US$/bbl) | 28.0 | 24.1 | 16 | % | 28.3 | -1 | % | ||
| Adjusted Capex(2) | (US$’000) | 48,935 | 32,899 | 49 | % | 30,641 | 60 | % | ||
| Weighted average shares outstanding – basic | (‘000 shares) | 106,258 | 106,532 | 0 | % | 105,919 | 0 | % | ||
| As at Jun 30, 2025 |
As at Mar 31, 2025 |
Delta (%) | As at Jun 30, 2024 |
Delta (%) | ||||||
| Cash & Cash equivalents(3) | (US$’000) | 241,984 | 238,871 | 1 | % | 148,819 | 63 | % | ||
| Adjusted Net Working Capital(2) | (US$’000) | 261,575 | 253,511 | 3 | % | 144,224 | 81 | % | ||
| Shareholder’s Equity | (US$’000) | 542,693 | 538,137 | 1 | % | 317,431 | 71 | % | ||
(1) Working interest share production before royalties.
(2) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.
(3) Includes restricted cash of US$23.2 million.
Financial Update
The Company’s Q2 2025 financial performance reflects ongoing production operations at all four of its fields in the offshore Gulf of Thailand. Valeura’s working interest share production before royalties totalled 1.95 million bbls during Q2 2025, an increase of 2% from Q2 2024, reflecting the addition of production from the Nong Yao C facility in Q3 2024, offset by natural declines across the portfolio.
Oil sales totalled 1.90 million bbls during Q2 2025, which was less than the volume produced, and therefore contributed to an oil inventory increase to 0.93 million bbls at June 30, 2025. As all of the Company’s oil production is stored in floating offshore vessels before being sold in parcels of approximately 0.2 – 0.3 million bbls, at any given time the Company maintains some quantity of oil held in inventory. A 0.24 million bbls parcel of crude oil was sold just after the end of the Q2 2025 period on July 1, 2025 …