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Valeura Energy Inc. Announces Operational Update and 2024 Guidance Outlook
Operational Update and 2024 Guidance Outlook SINGAPORE, SINGAPORE / ACCESSWIRE / January 16, ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Operational Update and 2024 Guidance OutlookOperational Update and 2024 Guidance OutlookSINGAPORE, SINGAPORE / ACCESSWIRE / January 16, 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 Turkey, is pleased to provide an operational update and its guidance outlook for 2024. HighlightsQ4 2023 average oil production of 19,165 bbls/d, resulting in a full year 2023 average of 20,420 bbls/d, net to Valeura's working interest(1) Net Cash at December 31, 2023 of US$150.9 million(2) Anticipated Capex and Opex performance within or below guidance for the full year 2023(1)(3) Wassana field returned to production in December 2023 yielding total average portfolio oil production to date in January 2024 of approximately 22,600 bbls/d, net to Valeura working interest 2024 oil production guidance of 21,500 - 24,500 bbls/d, net to Valeura's working interest 2024 Capex guidance of US$135 - 155 million, plus Exploration Expense of approximately US$8 million 2024 Opex guidance of US$205 - $235 million, equating to approximately US$26/bbl(3).(1) Pro-forma basis (full calendar year 2023 performance of the assets), including amounts relating to the period January 1, 2023 through March 22, 2023, prior to completion of the Company's Gulf of Thailand acquisition from Mubadala Energy.(2) Net Cash: Is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS. This non-IFRS financial measure is provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company. This non-IFRS measure is used to ensure capital is managed effectively in order to support the Company's ongoing operations and needs. Financial measures disclosed in this announcement are unaudited.(3) Opex and Opex per bbl: Are a Non-IFRS financial measure and non-IFRS financial ratio, respectively, which do not have standardised meanings prescribed by IFRS. The most directly comparable financial measure to Opex is operating expenses. The measure differs from operating expenses by including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as Floating Storage and Offloading vessels (\"FSOs\"...