Business
Valeura Energy Inc. Announces Second Quarter 2024 Results
CALGARY / ACCESSWIRE / August 8, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc. Announces Second Quarter 2024 ResultsCALGARY / ACCESSWIRE / August 8, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) (\"Valeura\" or the \"Company\"), reports its unaudited financial and operating results for the three and six month periods ended June 30, 2024. Q2 2024 HighlightsAdjusted cashflow from operations of US$65.7 million(1);Oil production of 21.1 mbbls/d(2) and oil sales of 1.9 million bbls;Average realised price of US$87.7/bbl, generating revenue of US$164.0 million;Adjusted EBITDAX of US$99.6 million(1); andCash and net cash balance as of June 30, 2024 of US$146.8 million(1),(3), with no debt.(1) Non-IFRS financial measure or non-IFRS ratio - see \"Non-IFRS Financial Measures and Ratios\" section below.(2) Working interest share production, before royalites.(3) Includes restricted cash of US$17.3 million.Recent AchievementsRestart of production from the Wassana field, following thorough inspection of the production facility's underwater components, with production rates now ramped up to pre-suspension levels; Completion of drilling operations on the Nong Yao C development, which was completed under budget, and with all wells having encountered their objectives as planned in addition to successfully appraising several additional zones; Mechanical completion of the Nong Yao C production facility, with final assurance checks and certification underway in preparation for first production in August 2024; Narrowing of full-year production guidance range estimate and reiteration of opex and pricing expectations, but with reduced capex; and Receipt of the prestigious 2024 EIA Monitoring Award from Thailand's Office of Natural Resources and Environmental Policy and Planning in respect of three of the Company's fields.Sean Guest, President and CEO of Valeura commented:\"I am pleased to share details of our Q2 2024 performance, which includes ongoing strong cash generation of US$65.7 million, up 37% from the previous quarter.This performance follows near-record quarterly revenue of US$164 million based on 1.9 million barrels in oil sales achieving a premium to the Brent oil benchmark of US$2.8/bbl, meaning average price realisations of US$87.7/bbl. With strong margins, we are continuing to contribute to our balance sheet. We ended the quarter with US$147 million in cash on hand, even after having substant...