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SINGAPORE - Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) reported Tuesday that its oil production averaged 21.4 thousand barrels per day during the second quarter of 2025, a 10.2% decrease from the previous quarter, while maintaining its full-year production guidance of 23.0-25.5 thousand barrels per day.
The company generated revenue of $129.3 million in Q2, reflecting lower global oil prices, with realizations averaging $67.95 per barrel, representing a $0.67 premium over the weighted average Brent crude benchmark but down 14% from Q1 2025.
Despite planned downtime and natural production declines at its larger producing assets, Valeura ended the quarter with a cash position of $241.9 million and no debt. The company paid $15.8 million in taxes during the quarter, primarily related to its Jasmine asset in Thailand, and does not anticipate further cash tax payments for the remainder of 2025.
"While production volumes are down quarter-on-quarter, our plan had always assumed that production would be weighted to the second half of the year," said Dr. Sean Guest, President and CEO, in the press release statement.
The company reported oil sales totaling 1.90 million barrels during Q2, with inventory increasing to 0.93 million barrels at quarter-end. An additional 0.24 million barrels were sold on July 1, just after the quarter closed.
Valeura has commenced drilling operations at its Nong Yao field (90% working interest) in Block G11/48, with plans to complete approximately 10 new development wells by Q4 2025. The campaign includes the first infill development wells on the Nong Yao C platform, which was installed in 2024.
In May, the company made a final investment decision to redevelop the Wassana field in License G10/48, where it holds 100% interest. The project has entered the construction phase and will include deploying a new central processing platform facility, with first production targeted for Q2 2027.
The company plans to release its full unaudited financial and operating results for Q2 2025 on August 7.
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