Core Viewpoint - Valeura Energy Inc. has entered into a Farm-in Agreement with PTT Exploration and Production Plc to acquire a 40% interest in offshore Blocks G1/65 and G3/65 in the Gulf of Thailand, significantly expanding its acreage and exploration potential [2][4]. Group 1: Strategic Partnership and Acreage Expansion - The partnership with PTTEP, the largest oil and gas operator in Thailand, enhances Valeura's strategic position in the region [4][5]. - The agreement increases Valeura's gross acreage in Thailand from 2,623 km² to 22,757 km², marking a substantial expansion [4][6]. Group 2: Existing Discoveries and Infrastructure - The Blocks contain 15 oil and gas discoveries supported by 27 wells that have encountered oil and gas pay, indicating significant existing resources [4][6]. - The Blocks are strategically located next to major gas fields and Valeura's own oil fields, facilitating potential infrastructure-led growth [4][6]. Group 3: Work Program and Financial Commitment - The 2025 work program includes drilling four exploration wells and acquiring over 1,200 km² of new 3D seismic data, with Valeura responsible for 40% of the actual back costs, amounting to approximately US$14.7 million as of June 30, 2025 [7][8]. - Valeura will also carry PTTEP for an additional seismic acquisition of about 165 km², capped at US$3.7 million [7]. Group 4: Exploration Period and Fiscal Terms - The Production Sharing Contracts (PSCs) stipulate a six-year exploration period requiring the drilling of eight wells and the acquisition of 800 km² of 3D seismic data by May 2029 [9][8]. - The fiscal terms include a 10% royalty on gross revenue, cost recovery provisions up to 50%, and a corporate income tax rate of 20% on net profit [8]. Group 5: Future Development Plans - Valeura plans to focus on both near-term development opportunities and higher-risk, higher-reward prospects to ensure long-term growth [6][7]. - The company anticipates immediate exploration and appraisal activities, with 3D seismic acquisition set to commence in the coming months [4][6].

Core Viewpoint - Valeura Energy Inc. has entered into a Farm-in Agreement with PTT Exploration and Production Plc to acquire a 40% interest in offshore Blocks G1/65 and G3/65 in the Gulf of Thailand, significantly expanding its acreage and growth potential in the region [1][4][5] Group 1: Strategic Partnership and Acreage Expansion - The partnership with PTTEP, the largest oil and gas operator in Thailand, enhances Valeura's gross acreage in Thailand from 2,623 km² to 22,757 km² [4] - The Blocks are strategically located near major gas fields and Valeura's existing oil fields, providing immediate access to infrastructure [4][6] - The Blocks contain 15 oil and gas discoveries supported by 27 wells, indicating substantial existing resources [4] Group 2: Exploration and Development Plans - A work program for 2025 includes drilling four exploration wells and acquiring over 1,200 km of new 3D seismic data [7] - Valeura will pay 40% of actual back costs, estimated at US$14.7 million as of June 30, 2025, to earn its interest [7] - The exploration period under the Production Sharing Contracts (PSCs) lasts six years, requiring the drilling of eight wells and the acquisition of 800 km of 3D seismic data [9] Group 3: Financial and Operational Insights - The PSCs stipulate a 10% royalty on gross revenue, with cost recovery provisions up to 50% of gross revenue and a corporate income tax rate of 20% on net profit [8] - Valeura aims to leverage existing discoveries and exploration prospects for immediate growth while also pursuing higher-risk, higher-reward opportunities for long-term expansion [6][7] - The company plans to release its unaudited financial results for the first half of 2025 on August 7, 2025 [14]

Core Viewpoint - Valeura Energy Inc. has successfully completed an eight-well drilling campaign at Licence B5/27 in the Gulf of Thailand, which is expected to enhance cash flow and extend the economic life of the field [1][2][14]. Drilling Campaign Overview - The drilling campaign included successful development wells from the Jasmine C and Ban Yen A platforms, with both exceeding management's expectations for total oil pay [3][6]. - The company drilled two development wells from the Jasmine D platform, both of which are now contributing to production [10]. Well Performance - Well C-30ST1H was completed as an oil producer despite being drilled into a mixed gas/oil transition zone, utilizing an autonomous inflow control device [4]. - Well C-39 was successful in developing three separate reservoir intervals and is now a multi-zone producer [5]. - Well BYA-35ST1 encountered approximately double the pre-drill estimates for total oil pay and will contribute to future development drilling [7]. - Well D-44 verified upside in all secondary targets, indicating potential for further development [11]. Exploration and Future Plans - The Ratree exploration well encountered only trace amounts of hydrocarbons, suggesting insufficient hydrocarbon charge in that reservoir trend [13][14]. - The company plans to mobilize its drilling rig to the Nong Yao field for a new program of approximately 10 development wells [15]. Company Strategy - Valeura Energy Inc. is focused on a growth-oriented strategy, aiming to reinvest in its producing asset portfolio and pursue further growth in Southeast Asia [16].

CALGARY, Alberta, May 16, 2025 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (the "Corporation" or "Valeura"), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Türkiye, is pleased to provide the voting results from its annual general meeting of shareholders held on May 14, 2025. Shareholders voted on and approved the following proposals: (1) the appointment of Deloitte & Touche LLP (Singapore) as the auditors of the Corporation; and (2) the electi ...

Core Viewpoint - Valeura Energy Inc. reported strong financial and operational results for Q1 2025, highlighting a significant increase in adjusted cash flow from operations and a robust balance sheet, despite a decrease in oil production and revenue compared to the previous quarter. Financial Performance - Adjusted cash flow from operations reached US$74 million, a 55% increase compared to Q1 2024, attributed to a more tax-efficient corporate structure [3][14] - Oil revenue for Q1 2025 was US$148 million, essentially unchanged from Q1 2024, despite a 36% decrease in oil volumes sold [6][12] - Net income for Q1 2025 was US$14 million, a 93% decrease compared to the previous quarter [6] Operational Highlights - Average daily oil production was 23,853 bbls/d, an 8% increase year-over-year, but an 11% decrease from the previous quarter [6][10] - Adjusted operating expenses per barrel decreased to US$24.1, an 8% improvement compared to Q1 2024 [7][13] - The company maintained a strong cash position of US$239 million with no debt as of March 31, 2025 [5][16] Production and Inventory - Total working interest share production before royalties was 2.15 million bbls, an 8% increase from Q1 2024 [10] - Oil sales totaled 1.88 million bbls, leading to an increase in oil inventory to 0.89 million bbls by the end of Q1 2025 [11] Strategic Initiatives - The company is pursuing both organic and inorganic growth opportunities, with ongoing production operations across all fields in the Gulf of Thailand [5][17] - A positive final investment decision was made for the Wassana field redevelopment project, targeting production start in Q2 2027 [22][23] Future Outlook - Valeura expects to meet its production guidance range for 2025 of 23,000 – 25,500 bbls/d, supported by ongoing drilling campaigns and operational improvements [17][52]

Core Viewpoint - Valeura Energy Inc. has made a final investment decision to redevelop the Wassana field in the Gulf of Thailand, which is expected to significantly enhance shareholder value through increased production and reserves [1][4]. Redevelopment Project Details - The redevelopment will involve a new central processing platform (CPP) designed to optimize the full potential of the Wassana field [9][11]. - First oil production is anticipated in Q2 2027, with peak production expected to reach 10,000 barrels per day (bbls/d) in the second half of 2027, which is more than 2.7 times the current output [9][14]. - The total investment for the redevelopment is estimated at US$120 million, with US$40 million planned for 2025 and the remainder in 2026, fully funded from existing cash reserves [9][13]. Reserves and Resources Update - The Wassana field's proved plus probable (2P) reserves have increased to 20.5 million barrels, representing an increment of approximately 18 million barrels compared to previous estimates [9][19]. - The end-of-field life (EOFL) has been extended to 2043, an increase of 16 years [9][15]. - The net present value (NPV10) of the 2P reserves before tax is estimated at US$354.5 million, and after tax at US$218.2 million, indicating a significant increase in asset value [21][23]. Economic Viability - The redevelopment project is projected to deliver an internal rate of return (IRR) of approximately 40% even at a lower oil price environment of US$60 per barrel, with a payback period of 18 months [6][16]. - The project is designed to be resilient against various price scenarios, providing a favorable risk-reward profile for shareholders [6][7]. Production and Operating Efficiencies - The new CPP will allow for more extensive drilling and a longer facility design life, resulting in increased cash flow generation [11][14]. - The anticipated operating costs are expected to decrease significantly, with adjusted operating expenses per barrel projected to be in the range of US$12 to US$16 [14]. Guidance Update - The company's guidance for adjusted capital expenditures for 2025 has been revised to US$165 million to US$185 million, reflecting the anticipated spending on the Wassana redevelopment project [28][31]. - Free cash flow guidance for 2025 is projected to be between US$80 million and US$195 million, based on benchmark Brent oil prices ranging from US$65 to US$85 per barrel [29][30].