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Valeura Energy Inc. Announces Fourth Quarter and Year-end 2023 Results
Record Results in 2023 from First Year of Thailand Operations SINGAPORE, SINGAPORE / ACCESSWI...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Fourth Quarter and Year-end 2023 ResultsRecord Results in 2023 from First Year of Thailand OperationsSINGAPORE, SINGAPORE / ACCESSWIRE / March 26, 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 financial and operating results for the three month period and year ended December 31, 2023.The complete reporting package for the Company, including the audited financial statements and associated management's discussion and analysis (\"MD&A\") and the 2023 annual information form (\"AIF\"), are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company's website at www.valeuraenergy.com.2023 HighlightsClosed the Mubadala Acquisition(1) for cash consideration of US$10.4 million, adding three producing offshore Gulf of Thailand fields to the Valeura portfolio;Four producing fields yielded average oil production of 20,440 bbls/d(2);Restarted production from the Wassana field and drilled appraisal wells which confirmed the presence of oil deeper than previously proven, leading to a potential re-development of the field and extension of field life beyond 2030;Drilling activity extended the economic life of all fields in the Company's Thailand portfolio;Replaced more than double the volume of oil produced by all fields in 2023 - 219% through proved (1P) and proved plus probable (2P) reserves additions (reserves replacement ratio);Generated adjusted cash flow from operations of US$152 million(3);Fully paid off debt and had accumulated cash of US$151 million as of December 31, 2023;Further strengthened the balance sheet by reassessing and reducing decommissioning obligation on the balance sheet by 30% to US$129 million(4);Increased 2P net present value (NPV) before tax to US$616 million and US$429 million after tax(5); andConsidering year end 2023 cash position, increased 2P net asset value (NAV) after tax to US$579 million, equating to C$7.56 per share(6).(1) As more fully defined in the AIF, closed March 22, 2023.(2) Working interest share production, before royalties, from closing of the Mubadala Acquisition on March 22, 2023 through December 31, 2023.(3) Non-IFRS financial measure (defined below) or non-IFRS ratio - see \"Non-IFRS Financial Meas...