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Valeura Energy Inc Announces First Quarter 2024 Results
First Quarter 2024 Results SINGAPORE, SINGAPORE / ACCESSWIRE / May 9, 2024 / Valeura Energy ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc Announces First Quarter 2024 ResultsFirst Quarter 2024 ResultsSINGAPORE, SINGAPORE / ACCESSWIRE / May 9, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) (\"Valeura\" or the \"Company\"), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Türkiye, reports its unaudited financial and operating results for the three month period ended March 31, 2024. The complete quarterly reporting package for the Company, including the unaudited financial statements and associated management's discussion and analysis (\"MD&A\"), are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company's website at www.valeuraenergy.com.Q1 2024 Highlights· Oil production of 21.9 mbbls/d(1), up 14% from the previous quarter;· Oil sales of 1.8 million bbls, at an average realised price of US$84.6/bbl, generating revenue of US$149.4 million;· Adjusted EBITDAX of US$89.0 million(2) and adjusted cashflow from operations of US$47.8 million(2);· Cash and net cash balance as of March 31, 2024 of US$193.7 million(3), with no debt; and· Adjusted net working capital surplus of US$141.9 million(2).Year to Date Achievements· Five horizontal development wells successfully drilled on the Wassana field (block G10/48, 100% interest) resulting in Q1 2024 average oil production of 3,979 bbls/d, and 4,900 bbls/d for the first six days of May 2024;· Three oil discoveries announced from one exploration well in the Nong Yao concession (block G11/48, 90% working interest) and two exploration wells north of Wassana field;· Scheduled shutdowns for maintenance on the Manora and Jasmine field production facilities conducted safely and under planned time and budget; and· Installed the Nong Yao C mobile offshore production unit (\"MOPU\") T7 Shirley on the Nong Yao field in preparation for development drilling.(1) Working interest share oil 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$17.3 million.Sean Guest, President and CEO commented:\"I am pleased to share details of our strong Q1 2024 performance, led by oil production of 21.9 mbbls/d, up 14% from Q4 2023. We expanded the scope of our Wassana field drilling programme, with output ...