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Valeura Energy Inc. Announces Record Reserves and Resources at Year-End 2024
Record Reserves and Resources at Year-End 2024: 2P Reserves Replacement Ratio of 245% CA...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Record Reserves and Resources at Year-End 2024Record Reserves and Resources at Year-End 2024:2P Reserves Replacement Ratio of 245% CALGARY, AB / ACCESS Newswire / February 13, 2025 / Valeura Energy Inc.(TSX:VLE)(OTCQX:VLERF) (\"Valeura\" or the \"Company\") is pleased to announce the results of its third-party independent reserves and resources assessment as at year-end 2024.HighlightsRecord high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;2P reserves replacement ratio of 245% even after annual production increase of 12%;2P reserves and end of field life (\"EOFL\") increased at every field;2P reserves net present value before tax of US$934 million and US$752 million after tax(1);Considering year-end 2024 cash position of US$259 million, Company net asset value (\"NAV\") is US$1,012 million, equating C$13.6 per common share(2);Contingent resources(3) of 48 MMbbl, more than double the total at end 2023; andDecommissioning costs significantly reduced through engineering studies and increased EOFL to beyond 2030.Discounted at 10% (NPV10)Proved plus probable (2P) NPV10 after tax plus cash of US$259.4 million (no debt), using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024Unrisked 2C (best estimate) contingent resourcesDr. Sean Guest, President and CEO commented:\"I am pleased to announce the results of our end 2024 reserves and resources evaluation, which shows again that our aggressive work programme can increase the ultimate potential of our fields and add value to our Company. In our second full year of operations we have again added more than double the reserves we produced, achieving a 2P reserves replacement ratio of 245%. This is a significant feat, considering we also increased production by 12% relative to 2023.We also added to the ultimate potential of our portfolio, with all Thailand fields now having an economic field life lasting beyond 2030. Since taking over these assets, we have added at least four additional years of production life to each field. This means more years of future cash flow and is therefore a prime example of one key element of our strategy in action - driving further organic growth.The net asset value of our business is now ove...