Business
Valeura Energy Inc. Announces Q2 2020 Financial and Operating Results
SECOND QUARTER 2020 RESULTS CALGARY, AB / ACCESSWIRE / August 12, 2020 / Valeura Energy...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Q2 2020 Financial and Operating ResultsSECOND QUARTER 2020 RESULTSCALGARY, AB / ACCESSWIRE / August 12, 2020 / Valeura Energy Inc. (TSX:VLE, LSE:VLU) (\"Valeura\" or the \"Company\"), the upstream natural gas company focused on the Thrace Basin of Turkey, reports its financial and operating results for the three and six month periods ended June 30, 2020.Highlights from Q2 2020A safe quarter, with no serious incidents and no reported cases of COVID-19 among Valeura personnel or contractors;Resumption of normal office work and preparations underway to resume field operations in Q3, as pandemic-related restrictions are eased, but the Company remains vigilant to the COVID-19 situation;A strong financial position, with net working capital surplus of US$33.2 million at June 30, 2020 (including US$30.5 million cash), and no debt;Average Q2 2020 production of 561 boe/d which increased to at exit rate of 672 boe/d;Realised prices unchanged on a Turkish Lira basis, equating to US$6.24/Mcf;Revenue of US$1.9 million and average operating netbacks of US$18.33 per boe (excluding one-off costs for testing Devepinar-1 from operating costs);Completion of a thorough desktop study of opportunities in the Company's conventional gas production business, with a development drilling programme expected to commence late 2020/early 2021; andExtension of Valeura's three exploration licences at Banarli and West Thrace until June 27, 2022, and the engagement of Stellar Energy Advisors Limited with a mandate to secure a partner for the deep tight gas play.Sean Guest, President and CEO commented:\"I am pleased to report a quarter that demonstrates the resilience of our business. We exited Q2 with our conventional gas production business ramping back up to volumes in the range of 672 Mcf/d, a continuing strong financial position, and fresh extensions to our key exploration licenses. Despite the challenging circumstances the global oil and gas industry has faced during the last several months, our strategy remains intact and poised to deliver value for shareholders. We are resuming activities to improve the efficiency of our conventional gas business and are focused on increasing production to maximise value. We have a unique opportunity to layer inorganic growth into our strategy and are actively pursuing opportunities to build pr...