Business
Valeura Energy Inc. Announces Second Quarter 2023 Results
Second Quarter 2023 Results CALGARY, AB / ACCESSWIRE / August 9, 2023 / Valeura Energy Inc. ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Second Quarter 2023 ResultsSecond Quarter 2023 ResultsCALGARY, AB / ACCESSWIRE / August 9, 2023 / 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, reports its unaudited financial and operating results for the three and six month periods ended June 30, 2023. Q2 2023 Highlights· No lost time safety incidents:· Valeura's first full quarter of Gulf of Thailand production operations;· Oil production of 22,097 bbls/d;· Oil sales of 2.167 million bbls, generating revenue of US$174.2 million;· Opex per barrel of US$22.7/bbl(1);· Capex spending of US$33.6 million(6);· Adjusted cash flow from operations of US$70.4 million(2);· Adjusted EBITDAX of US$78.9 million(3); and· Net cash balance of US$87.6 million(4).Q2 2023 Key Achievements· Captured early operational synergies between assets by moving to a one-rig drilling programme, rather than two;· Drilled eight wells during Q2, including completion of an infill drilling programme on the Jasmine oil field and an infill drilling programme on the Nong Yao oil field;· Under budget operating and capital cost performance, resulting in a downward revision to spending expectations for the year, and no change to production guidance;· First production from the Wassana oil field re-start on April 28, 2023;· Completed the purchase of the Wassana oil field's mobile offshore production unit (\"MOPU\") and increased working interest in Licence G10/48 to 100%; and· Divested interest in Licence G6/48 in exchange for a royalty on future production from the undeveloped Rossukon oil field.Sean Guest, President and CEO of Valeura commented:\"I am pleased to announce that during our first full quarter of production operations in Thailand, we have safely and responsibly produced an average of 22,097 bbls/d of oil. Our Q2 2023 results mark a step change in our business, underscored by sales of 2.167 million barrels of oil, generating revenue of US$174.2 million. Operating costs were managed below our guidance estimates for the quarter, at US$22.7/bbl on an adjusted basis, resulting in adjusted cash flow from operations of US$70.4 million.Our company is in a strong financial position. ...