Business
Valeura Energy Inc Announces Third Quarter 2023 Results
SINGAPORE, SINGAPORE / ACCESSWIRE / November 13, 2023 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLER...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc Announces Third Quarter 2023 ResultsSINGAPORE, SINGAPORE / ACCESSWIRE / November 13, 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 nine month periods ended September 30, 2023.Q3 2023 Highlights· Oil production of 19,961 bbls/d;· Average realised price of US$87.8/bbl;· Oil sales of 1.7 million bbls, generating revenue of US$149.4 million;· Opex per barrel of US$34.0/bbl(1);· Capex of US$36.7 million(1);· Adjusted cashflow from operations of US$33.9 million(1);· Adjusted EBITDAX of US$67.2 million(1);· Debt reduced to US$12.9 million at September 30, 2023, and subsequently to nil(1);· Net cash balance of US$103.6 million(1); and· All performance metrics in line with expectations resulting in re-iteration of guidance estimates.Q3 2023 Key Achievements· Successfully drilled a total of seven wells, on the Manora, Wassana, and Jasmine oil fields;· Drilled two appraisal wells at the Jasmine oil field during Q3 2023 to gather data in support of future development activities. Also began a two-well infill development drilling programme during the quarter, which was completed in October 2023 with production rates contributing 1,600 bbls/d;· Drilled three infill wells at the Manora oil field, which have collectively increased production rates and are expected to further extend the anticipated economic life of the asset;· Implemented a precautionary suspension of production operations at the Wassana oil field to address safety concerns with a third-party contractor, operating the field's floating storage and offloading vessel (\"FSO\"). Meanwhile, drilled two appraisal wells that confirmed the presence of significant additional undeveloped oil volumes in the field;· Completed the construction of a three-kilometre pipeline at the Nong Yao field to tie existing infrastructure into a mobile offshore production unit, anticipated to be mobilised to the field in early 2024; and· Appointed a Chief Operating Officer and made adjustments to the composition of its board of directors.Sean Guest, President and CEO of Valeura commented:\"I am pleased...