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Valeura Energy Inc. Announces Fourth Quarter 2020 Results and Year-End Reserves
CALGARY, AB / ACCESSWIRE / March 25, 2021 / Valeura Energy Inc. (TSX:VLE, LSE:VLU) (the " Co...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Fourth Quarter 2020 Results and Year-End ReservesCALGARY, AB / ACCESSWIRE / March 25, 2021 / Valeura Energy Inc. (TSX:VLE, LSE:VLU) (the \"Company\" or \"Valeura\"), an upstream oil and gas company with assets in the Thrace Basin of Turkey, reports its financial and operating results for the three month period ended December 31, 2020 and the year ended December 31, 2020, and year-end 2020 reserves.The complete quarterly reporting package for the Company, including the audited financial statements and associated management's discussion and analysis (\"MD&A\") and the 2020 annual information form (\"AIF\"), are being filed on SEDAR at www.sedar.com and posted on the Company's website at www.valeuraenergy.com.Financial and operating results presented in this announcement, together with the financial statements, the MD&A, and the AIF, include results from assets associated with the Company's shallow conventional gas business which are subject to a share purchase agreement announced on October 20, 2020 (the \"Sale Transaction\"). Valeura and TBNG Limited (the \"Buyer\") are progressing to closing the Sale Transaction, however, until such time as the Sale Transaction is completed, these assets remain owned and operated by Valeura. All assets associated with the shallow conventional gas business are identified as held for sale (\"Assets Held for Sale\") in this announcement and the Company's associated reports, identified above.FINANCIAL AND OPERATING RESULTS HIGHLIGHTSFull year 2020 average production of 650 boe/d, relatively unchanged from 660 boe/d in 2019;Full year revenues of US$8.5 million, down 16% from the full year 2019, mainly due to lower realised gas prices;Total Proved Plus Probable reserves of 7,798 Mboe at year end, down 2% from the prior year;Cash position of US$30.1 million at year end; andPositive progress toward closing the Sale Transaction for cash consideration of US$15.5 million, plus future royalty payments.Sean Guest, President and CEO commented:\"The sale of our conventional gas business is progressing and has now obtained all but one remaining government consent to complete the transaction. Both Valeura and the Buyer remain committed to the deal, with confidence on both sides stemming from a solid ongoing production performance which has delivered average full year volumes...