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SINGAPORE - Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) announced its financial and operating results for the first quarter of 2025, highlighting a 9% increase in oil production and a significant rise in its cash flow compared to the same period last year. The unaudited results, along with management’s discussion and analysis (MD&A), were filed on SEDAR+ and are available on the company’s website.
The company reported an average daily oil production of 23,853 barrels per day (bbls/d), marking a 9% increase from the first quarter of 2024. This production boost contributed to an adjusted cash flow from operations of US$74.0 million, up by 55% from the first quarter of the previous year.
Valeura’s operational expenses (opex) per barrel showed a downward trend, with adjusted opex at US$24.1 per barrel, an 8% decrease from the first quarter of 2024. The company attributes these positive financial outcomes to its corporate restructuring and the strategic use of tax loss carry-forwards.
President and CEO Dr. Sean Guest commented on the results, stating the company’s ability to optimize tax loss carry-forwards has led to a resilient financial position, enabling Valeura to navigate volatile markets effectively. He also noted the operational performance and the company’s strong balance sheet, with US$239 million in cash and no debt, positioning Valeura for potential growth.
The report provided a detailed breakdown of production figures across Valeura’s fields in the offshore Gulf of Thailand, with the Nong Yao field emerging as the largest source of production and lowest unit cost field in the company’s portfolio. The company also highlighted the completion of a planned maintenance shutdown at Nong Yao and the ongoing infill drilling campaign at the Jasmine/Ban Yen field.
Looking ahead, Valeura announced a final investment decision to pursue the redevelopment of the Wassana field, with production expected to commence in the second quarter of 2027. Additionally, the company is exploring a farm-out opportunity in Türkiye to appraise a deep gas play in the Thrace basin.
Valeura’s Annual General Meeting of Shareholders is scheduled for today, where management will discuss the first quarter results and host a question and answer session. The meeting is available for shareholders to attend in person or via webcast and teleconference.
This report is based on a press release statement from Valeura Energy Inc.
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