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Valeura Energy Inc. Announces Fourth Quarter 2021 Results
CALGARY, AB / ACCESSWIRE / March 31, 2022 / 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 2021 ResultsCALGARY, AB / ACCESSWIRE / March 31, 2022 / 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, 2021 and the year ended December 31, 2021.The complete quarterly reporting package for the Company, including the audited financial statements and associated management's discussion and analysis (\"MD&A\") and the 2021 Annual Information Form (\"AIF\"), are being filed on SEDAR at www.sedar.com and posted on the Company's website at www.valeuraenergy.com.HIGHLIGHTS• Financial position - Cash position of US$40.8 million at December 31, 2021;• Royalties - Valeura began receiving royalty payments in connection with the sale of its conventional gas producing business in Turkey, amounting to US$0.8 million being invoiced up to December 31, 2021; and• Strategy - The Company continues to pursue near-term inorganic international growth opportunities and is seeking a suitable partner to farm in to the Company's 20 Tcfe unrisked mean prospective resource deep, tight gas play in Turkey.FINANCIAL POSITION AND ROYALTYAs of the end of Q4 2021, Valeura had cash and cash equivalent resources totalling US$40.8 million and no debt.Associated with the sale of its conventional gas producing business in Turkey which closed in Q2 2021, Valeura became entitled to a royalty for up to the next five years of a total amount between US$1.0 and US$2.5 million, tied to local Turkish gas prices. As of December 31, 2021, the Company had invoiced total royalty payments of US$0.8 million. Given the continued strong gas prices in Europe and Turkey, Valeura expects to receive the maximum outstanding royalties for the period of US$1.7 million in Q1 2022 with these royalties recorded in accounts receivable.STRATEGYValeura's 20 Tcfe1 tight gas appraisal play in Turkey remains a core part of the Company's portfolio and represents a significant source of potential long-term value. Valeura is continuing its search for a suitable farm-in partner for the tight gas appraisal play and is working with a London-based advisor to assist in the search. The Company believes securing a partner is the most prudent first step...