RCS - Valeura Energy Inc. - First Quarter 2025 Results
14/05/2025 08:15
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RNS Number : 6102I Valeura Energy Inc. 14 May 2025
First Quarter 2025 Results
Singapore, May 14, 2025: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura"
or the "Company") reports its unaudited financial and operating results for
the three month period ended March 31, 2025.
The complete quarterly reporting package for the Company, including the
unaudited financial statements and associated management's discussion and
analysis ("MD&A") are being filed on SEDAR+ at www.sedarplus.ca
(http://www.sedarplus.ca) and posted to the Company's website at
www.valeuraenergy.com (http://www.valeuraenergy.com) .
Highlights
· Oil production of 23,853 bbls/d((1)), an increase of 9% compared to
Q1 last year;
· Adjusted opex((2)) trending downward, to US$24.1/bbl, a decrease of
8% compared to Q1 last year;
· Adjusted Cashflow from Operations((2)) of US$74.0 million, an
increase of 55% compared to Q1 2024, demonstrating the effects of the
corporate restructuring and application of tax loss carry-forwards;
· The Company's balance sheet remains very strong, with US$239 million
cash((3)) and no debt; and
· Adjusted Working Capital((2)) of US$254 million.
(1) Working interest share production before royalties.
(2) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS
Financial Measures and Ratios" section below.
(3) Includes restricted cash of US$23.4 million.
Dr. Sean Guest, President and CEO commented:
"We have demonstrated our ability to generate increasing cash flow. Q1 2025
was the first full quarter benefitting from our corporate re-organisation,
which makes it possible to optimise the use of tax loss carry-forwards. As a
result, our post-tax Adjusted Cashflow from Operations((1)) increased to US$74
million, up 55% compared to the same quarter of last year, on revenue that is
essentially unchanged. This creates a uniquely resilient position for our
Company, which makes it possible for us to weather volatile markets better
than many of our competitors.
Underlying this is a respectable operational performance which saw us produce
at an average rate of 23,854 bbls/d, while recording Adjusted Opex per
barrel((1)) of US$24/bbl. The long-term downward trend in Adjusted Opex per
barrel((1)) is a direct reflection of our strategic priorities in action -
operating our assets in a worldclass manner with the objective of driving
deeper efficiency and maximising cash flow and growth from our assets.
Our balance sheet echoes this sentiment too. Even after a quarter with a
US$39 million out-of-round tax payment and a build in oil inventory, our
financial position remained strong, with a March 31(st) cash balance of US$239
million and no debt. As a result, we are in a prime position to pursue both
organic and inorganic growth ambitions and continue to see exiting
opportunities come to the foreground."
(1) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS
Financial Measures and Ratios" section below.
Financial and Operating Results Summary
Three months ended Three months ended Delta (%) Three months ended Delta (%)
Mar 31, 2025 Dec 31, 2024 Mar 31, 2024
Oil Production((1)) ('000 bbls) 2,147 2,402 -11% 1,991 8%
Average Daily Oil Production((1)) (bbls/d) 23,853 26,109 -9% 21,882 9%
Average Realised Price (US$/bbl) 78.7 76.7 3% 84.6 -7%
Oil Volumes Sold ('000 bbls) 1,881 2,948 -36% 1,765 7%
Oil Revenue (US$'000) 148,081 226,148 -35% 149,408 -1%
Net Income (US$'000) 14,073 213,983 -93% 19,418 -28%
Adjusted EBITDAX((2)) (US$'000) 87,216 132,402 -34% 88,721 -2%
Adjusted Pre-Tax Cashflow from Operations((2)) (US$'000) 74,384 133,612 -44% 72,088 3%
Adjusted Cashflow from Operations((2)) (US$'000) 73,954 107,134 -31% 47,855 55%
Operating Expenses (US$'000) 38,852 55,607 -30% 41,788 -7%
Adjusted Opex((2)) (US$'000) 51,684 54,668 -5% 52,264 -1%
Operating Expenses per bbl (US$/bbl) 18.1 23.2 -22% 21 -14%
Adjusted Opex per bbl((2)) (US$/bbl) 24.1 22.8 6% 26.2 -8%
Adjusted Capex((2)) (US$'000) 32,899 38,870 -15% 29,257 12%
Weighted average shares outstanding - basic ('000 shares) 106,532 106,955 0% 103,229 3%
As at As at Delta (%) As at Delta (%)
Mar 31, 2025 Dec 31, 2024 Mar 31, 2024
Cash & Cash equivalents((3)) (US$'000) 238,871 259,354 -8% 193,683 23%
Adjusted Net Working Capital((2)) (US$'000) 253,511 205,735 23% 141,877 79%
Shareholder's Equity (US$'000) 538,137 528,283 2% 304,318 77%
(1) Working interest share production before royalties.
(2) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS
Financial Measures and Ratios" section below.
(3) Includes restricted cash of US$23.4 million.
Financial Update
The Company's Q1 2025 financial performance reflects ongoing strong production
operations at all four of its fields in the offshore Gulf of Thailand.
Valeura's working interest share production before royalties totalled 2.15
million bbls during Q1 2025, an increase of 8% from Q1 2024. Production was
in line with the Company's expectations considering the Nong Yao field
experienced a planned maintenance shutdown.
Oil sales totalled 1.88 million bbls during Q1 2025, which was less than the
volume produced, and therefore contributed to an oil inventory increase to
0.89 million bbls at March 31, 2025. As all of the Company's oil production
is stored in floating offshore vessels before being sold in parcels of
approximately 200,000 - 300,000 bbls, at any given time, the Company maintains
some quantity of oil held in inventory.
Price realisations averaged US$78.7/bbl, which was 7% lower than the same
period in 2024, reflecting lower global benchmark oil prices. The Company's
oil sales continue to achieve a premium when compared to the Brent crude oil
benchmark, averaging US$2.9/bbl in Q1 2025, versus US$1.6/bbl in Q1 of 2024.
Valeura generated oil revenue of US$148 million in Q1 2025, essentially
unchanged from the oil revenue generated Q1 2024, reflecting the increase in
production being offset by reduced sales prices.
Operating expenses during Q1 2025 reflect a long-term trend of improving
production efficiency, influenced by ongoing strong performance of the Nong
Yao field, which is both the Company's largest source of production and also
the lowest unit cost field in Valeura's portfolio. Along with operating
expenses, the Company includes the price of leases for its floating offshore
infrastructure (being US$8.5 million) to derive an Adjusted Opex((1)) of
US$51.7 million in Q1 2025, which equates to a per-unit rate of US$24.1/bbl,
an improvement of 8% when compared to Q1 2024.
Valeura generated adjusted cashflow from operations((1)) (pre-tax) of US$74.0
million, which was a 55% increase over Q1 2024. The increase is directly
related to the more tax-efficient corporate structure as a result of the
Company's corporate re-organisation, which was completed in November 2024.
Under the new structure, Valeura may apply its tax loss carry-forwards to
taxable income for the Nong Yao, Manora, and Wassana fields.
While cash tax payments are normally paid in May and August each year, the
Company made a final tax payment of US$39.2 million in connection with its
corporate restructuring. This payment effectively completed the tax
obligations for its Thai III licences under their previous organisation
structure, giving rise to the more optimised application of tax loss
carry-forwards as noted above. In addition to this out-of-round payment,
Valeura made cash outlays in respect of its operating costs and capex of
US$32.9 million. As a result, Valeura's cash position at March 31, 2025 was
US$238.9 million, inclusive of restricted cash of US$23.4 million. Valeura's
net working capital surplus was US$253.5 million at March 31, 2025.
(1) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS
Financial Measures and Ratios" section below.
Operations Update and Outlook
During Q1 2025, Valeura had ongoing production operations at all of its Gulf
of Thailand fields, including Jasmine, Manora, Nong Yao, and Wassana fields.
Total working interest share production before royalties averaged 23,853
bbls/d, which was in line with management's expectations and consistent with
achieving the Company's guidance range for the full year 2025 of 23,000 -
25,500 bbls/d. One drilling rig was under contract throughout the quarter.
Jasmine/Ban Yen
Oil production before royalties from the Jasmine/Ban Yen field, in Licence
B5/27 (100% operated interest) averaged 8,356 bbls/d during Q1 2025.
In February 2025, the Company's contracted drilling rig began a seven-well
infill drilling campaign which includes both development and appraisal targets
on the Jasmine C, Jasmine D, and Ban Yen A facilities. Drilling operations
are progressing safely and on time. The drilling programme is expected to be
complete approximately by the end of May 2025.
Also during Q1 2025, a low-BTU gas generator was delivered to the Jasmine B
platform. Installation and commissioning activities in respect of the
low-BTU gas generator are underway, with the new equipment planned to be fully
operational and online later in Q2 2025. The low-BTU gas generator is a
modernisation of the Jasmine B platform's power generation facility, which
will enable a waste gas stream to be used as feedstock for power generation,
thereby reducing the Jasmine field's reliance on diesel. As a result,
Valeura anticipates immediate savings in operating expenses and a long-term
reduction in its greenhouse gas emissions from the Jasmine field.
Nong Yao
At the Nong Yao field, in Licence G11/48 (90% operated working interest),
Valeura's working interest share production before royalties averaged 9,275
bbls/d. As a result of the Company's development of the Nong Yao C field
extension in 2024, Nong Yao has become the Company's largest source of
production, with the Company's lowest per unit Adjusted Opex.
Near the end of Q1 2025, Valeura conducted a planned seven-day annual
maintenance shutdown of the Nong Yao field. All maintenance work was
performed safely, under budget, and ahead of schedule. The Nong Yao field
has since resumed normal operations.
Wassana
Oil production before royalties from the Wassana field, in Licence G10/48
(100% operated interest), averaged 3,686 bbls/d during Q1 2025. Production
operations progressed without incident throughout the quarter. No wells were
drilled during the quarter.
During Q1 2025 Valeura completed the front end engineering and design work for
the potential redevelopment of the Wasssana field and more recently has
finalised detailed contracting and procurement work to validate cost
assumptions for the project.
As announced separately today, the Company has determined a positive final
investment decision and intends to pursue the Wassana field redevelopment
project, targeting the start of production from a newly built facility in Q2
2027.
Manora
At the Manora field, in Licence G1/48 (70% operated working interest),
Valeura's working interest share of oil production before royalties averaged
2,536 bbls/d.
During Q1 2025, Valeura completed a five-well infill drilling campaign on the
Manora field, comprised of both development and appraisal targets. The
drilling programme achieved its objectives and successful appraisal results
have identified between three and five potential future drilling targets,
which are now being evaluated for inclusion in a future drilling programme.
Türkiye
The Company had no active operations in Türkiye during Q1 2025. Valeura
continues to hold an interest in a potentially large deep gas play in the
Thrace basin in the northwest part of the country. The terms of the subject
leases and licences have been extended to June 27, 2026, with further
extensions possible for appraisal purposes thereafter.
Valeura intends to farm out a portion of its interest to a new partner in
order to jointly pursue the next phase of appraisal work. The Company
continues to see the Thrace basin deep gas play as a source of significant
potential value in the longer-term.
Webcast
Valeura's Annual General Meeting of Shareholders is scheduled for today, May
14, 2025, at 4:00 P.M. (Calgary time) in Calgary. Shareholders may attend in
person, as further detailed in the Management's Information Circular which was
mailed to shareholders and is available on the Company's website and on
www.sedarplus.ca (http://www.sedarplus.ca) . A webcast of the live event is
available with the link below. In addition to the meeting, Valeura's
management will discuss the Q1 2025 results and will host a question and
answer session. Written questions may be submitted through the webcast
system or by email to IR@valeuraenergy.com (mailto:IR@valeuraenergy.com) .
Participants are advised to register for the online event in advance, using
the following link:
https://events.teams.microsoft.com/event/f0e30b40-c6bc-4673-bd84-b57491e1ba58@a196a1a0-4579-4a0c-b3a3-855f4db8f64b
(https://events.teams.microsoft.com/event/f0e30b40-c6bc-4673-bd84-b57491e1ba58@a196a1a0-4579-4a0c-b3a3-855f4db8f64b)
An audio only feed of the Meeting is available by phone using the Conference
ID and dial-in numbers below:
Conference ID: 239 311 896 799
Dial-in numbers:
Canada: (833) 845-9589,,49176158#
Singapore: +65 6450 6302,,49176158#
Thailand: +66 2 026 9035,,49176158#
Türkiye: 0800 142 034779,,49176158#
United Kingdom: 0800 640 3933,,49176158#
United States: (833) 846-5630,,49176158#
For further information, please contact:
Valeura Energy Inc. (General Corporate
Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com (mailto:Contact@valeuraenergy.com)
Valeura Energy Inc. (Investor and Media
Enquiries) +1 403 975 6752 / +44
7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com (mailto:IR@valeuraenergy.com)
Contact details for the Company's advisors, covering research analysts and
joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK),
Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus
Europe Limited, are listed on the Company's website at
www.valeuraenergy.com/investor-information/analysts/
(http://www.valeuraenergy.com/investor-information/analysts/) .
About the Company
Valeura Energy Inc. is a Canadian public company engaged in the exploration,
development and production of petroleum and natural gas in Thailand and in
Türkiye. The Company is pursuing a growth-oriented strategy and intends to
re-invest into its producing asset portfolio and to deploy resources toward
further organic and inorganic growth in Southeast Asia. Valeura aspires toward
value accretive growth for stakeholders while adhering to high standards of
environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at
www.sedarplus.ca (http://www.sedarplus.ca) .
Non-IFRS Financial Measures and Ratios
This news release includes references to financial measures commonly used in
the oil and gas industry such as adjusted EBITDAX, net working capital,
adjusted net working capital, adjusted cashflow from operations, adjusted
opex, adjusted capex, net cash and outstanding debt which are not generally
accepted accounting measures under International Financial Reporting Standards
("IFRS Accounting Standards") which are not generally accepted accounting
measures under IFRS Accounting Standards as issued by International Accounting
Standards Board ("IASB") and do not have any standardised meaning prescribed
by IFRS Accounting Standards and, therefore, may not be comparable with
similar definitions that may be used by other public companies. Management
believes that adjusted EBITDAX, net working capital, adjusted net working
capital, adjusted cashflow from operations, adjusted opex, adjusted capex, net
cash and outstanding debt are useful supplemental measures that may assist
shareholders and investors in assessing the financial performance and position
of the Company. Non-IFRS financial measures should not be considered in
isolation or as a substitute for measures prepared in accordance with IFRS
Accounting Standards.
Adjusted EBITDAX: is a non-IFRS financial measure which does not have a
standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS
financial measure is included because management uses the information to
analyse the financial performance of the Company. Adjusted EBITDAX is a
non-IFRS and non-standardised variant of EBITDAX, adjusted to remove non-cash
items as well as certain non-recurring costs including severance payments and
other one-off items in relation to the Company's recent acquisitions. Adjusted
EBITDAX is calculated by adjusting profit for the year before other items as
reported under IFRS Accounting Standards to exclude the effects of other
income, exploration, SRB, finance income and expense, depletion, depreciation
& amortisation ("DD&A"), other costs, and certain non-cash items (such
as impairments, foreign exchange, unrealised risk management contracts,
reassessment of contingent consideration and gains or losses arising from the
disposal of capital assets). In addition, other unusual or non-recurring items
are excluded from Adjusted EBITDAX, as they are not indicative of the
underlying financial performance of the Company.
Three months ended
Unaudited Unaudited
March 31, March 31,
US$'000 2025 2024
Profit for the period before other items 37,614 27,104
Other income (2,342) (1,737)
Exploration 275 2,196
SRB 23 -
Finance costs 4,990 6,516
DD&A 45,462 47,596
Reversal of loss on inventory due to decline in resale value associate with - 6,157
the Wassana field((1))
Other non-recurring G&A costs ((1)(2)) 1,194 889
Adjusted EBITDAX 87,216 88,721
(1) Items are not shown in the Interim Financial
Statements.
(2) Represents non-recurring costs associated with
share-based compensation, actual severance incurred - See "General and
Administrative ("G&A") Expenses" for more details.
Adjusted opex and adjusted opex per bbl: are a non-IFRS financial measure and
a non-IFRS financial ratio, respectively, which do not have standardised
meanings prescribed by IFRS Accounting Standards. This non-IFRS financial
measure and ratio are included because management uses the information to
analyse cash generation and financial performance of the Company. Operating
cost represents the operating cash expenses incurred by the Company during the
period including the leases that are associated with operations, such as
bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and
warehouses. Adjusted opex is calculated by effectively adjusting non-cash
items from the operating cost and adding lease costs.
Adjusted opex is divided by production in the period to arrive at adjusted
opex per bbl. Valeura calculates adjusted opex per barrel, to provide a more
consistent indication of the cost of field operations. Adjusted opex, as
opposed to operating expenses, excludes the impacts of non-recurring, non-cash
items such as prior period adjustments, and adds back lease costs in relation
to FSOs, FPSOs, MOPU, and other facilities.
Three months ended
Unaudited Unaudited
March 31, March 31,
US$'000 2025 2024
Operating Costs 38,852 41,788
Reversal of inventory write-down to Net Realisable Value (Wassana field)((1)) - 7,126
Cost of Goods Sold 38,852 48,914
Reversal of accounting related to inventory capitalisation((2)) 4,326 (5,245)
Adjusted Opex (excluding Leases) 43,178 43,669
Leases((3)) 8,506 8,595
Adjusted Opex 51,684 52,264
Production Volumes during the period (mbbls) 2,147 1,991
Adjusted Opex per Barrel (US$/bbl) 24.1 26.2
(1) Represent write down inventory to net realisable value.
(2) The item is not shown in the Interim Financial
Statements. The cost of crude inventory is capitalised from operating costs.
As a result, the Company has excluded the effect of crude inventory
capitalization.
(3) In accordance with IFRS 16 - Leases, the Company
recognised cost related to its operating leases - attributed to FSO and FPSO
vessels, MOPU used at its Jasmine/Ban Yen, Nong Yao, Manora and Wassana
fields, as well as onshore warehouse facilities costs to its balance sheet and
finance cost in the profit and loss statement. In order to report a more
relevant lifting cost, the Company has included costs associated with these
leases in the adjusted operating cost calculation. This will be a recurring
adjustment.
Adjusted cashflow from operations and adjusted cashflow from operations per
barrel: are a non-IFRS financial measure and a non-IFRS financial ratio,
respectively, which do not have a standardised meaning prescribed by IFRS
Accounting Standards. This non-IFRS finance measure and ratio are included
because management uses the information to analyse cash generation and
financial performance of the Company. Adjusted cashflow from operations is
calculated using two methods which generate the same figures: a) by
subtracting from oil revenues, adjusted opex, royalties, general and
administrative costs which are adjusted for non-recurring charges (generating
the adjusted pre-tax cashflow), and accrued PITA taxes and SRB expenses, and
b) to enhance and facilitate to the reader a reconciliation of this non-IFRS
measure, the Company also presented the adjusted cash flow from operations by
calculating from cash generated from (used in) operating activities in the
consolidated statement of cash flows, adjusting with non-cash items, adjusted
opex, general and administrative costs which are adjusted for non-recurring
charges (generating the adjusted pre-tax cashflow), and accrued PITA tax and
SRB expenses.
Adjusted cashflow from operations is divided by production in the period to
arrive at adjusted cashflow from operations per bbl. Valeura calculates
Adjusted cashflow from operations per barrel, to provide a more consistent
indication of cashflow generated from operations by the Company.
Three months ended
Unaudited Unaudited
March 31, March 31,
US$'000 2025 2024
Oil revenues 148,081 149,408
Adjusted opex (51,684) (52,264)
Royalties (17,062) (18,639)
Recurring G&A costs (4,951) (6,417)
Adjusted pre-tax cashflow from operations 74,384 72,088
Income tax / PITA tax (407) (24,233)
SRB (23) -
Adjusted cashflow from operations 73,954 47,855
Production during the period 2,147 1,991
Adjusted cashflow from operations per barrel (US$/bbl) 34.4 24.0
Three months ended
Unaudited Unaudited
March 31, March 31,
US$'000 2025 2024
Cash generated from operating activities 27,175 81,143
Change in non-cash working capital 48,330 (6,033)
Non-cash items 55,514 55,659
Adjusted opex (51,684) (52,264)
Recurring G&A costs (4,951) (6,417)
Adjusted pre-tax cashflow from operations 74,384 72,088
Income tax / PITA tax (407) (24,233)
SRB (23) -
Adjusted cashflow from operations 73,954 47,855
Production during the period 2,147 1,991
Adjusted cashflow from operations per barrel (US$/bbl) 34.4 24.0
Outstanding debt and net cash: are non-IFRS financial measures which do not
have a standardised meaning prescribed by IFRS Accounting Standards. These
non-IRFS financial measures are provided because management uses the
information to a) analyse financial strength and b) manage the capital
structure of the Company. These non-IFRS measures are used to ensure capital
is managed effectively in order to support the Company's ongoing operations
and needs.
Unaudited
March 31, December 31,
US$'000 2025 2024
Outstanding Debt - -
Cash and cash equivalents 215,467 236,543
Restricted cash (Current) 1,093 1,093
Restricted cash (Non-current) 22,311 21,718
Cash balance 238,871 259,354
Net cash 238,871 259,354
Net working capital and adjusted net working capital: are non-IFRS financial
measures which do not have a standardised meaning prescribed by IFRS
Accounting Standards. These non-IFRS financial measures are included because
management uses the information to analyse liquidity and financial strength of
the Company. Net working capital is calculated by deducting current
liabilities from current assets. Adjusted net working capital is calculated by
adding back the current leases liabilities and including non-current
restricted cash in net working capital.
The leases are associated with operations, such as bareboat contracts for key
operating equipment, such as FSOs, FPSOs, MOPU, and warehouses which are
included in the Company's disclosed adjusted opex (and adjusted opex
guidance). Management believes the adjusted net working capital provides a
useful data point to the reader to ascertain the business' next-twelve-months
surplus or deficit capital requirement. It is also a data point that
management uses for cash management.
Unaudited
March 31, December 31,
US$'000 2025 2024
Current assets 343,948 340,911
Current liabilities (142,673) (185,640)
Net working capital 201,275 155,271
Current lease liabilities 29,925 28,746
Restricted cash (Non-current) 22,311 21,718
Adjusted net working capital 253,511 205,735
Adjusted capex: is a non-IFRS measure which does not have a standardised
meaning prescribed by IFRS Accounting Standards. Adjusted capex is defined as
the addition in capital expenditure for drilling, brownfield, and other
PP&E. Management uses this non-IFRS measure to analyse the capital
spending of the Company and assess investments in its assets.
Three months ended
Unaudited Unaudited
March 31, March 31,
US$'000 2025 2024
Drilling 26,624 27,612
Brownfield 6,423 3,145
Other PPE (148) (1,500)
Adjusted capex((1)) 32,899 29,257
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this news release constitutes forward-looking
information under applicable securities legislation. Such forward-looking
information is for the purpose of explaining management's current expectations
and plans relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes, such as making
investment decisions. Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect", "plan",
"intend", "estimate", "propose", "project", "target" or similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this news release includes, but is not limited
to, the ability to optimise use of tax loss carry-forwards; the Company's
ability to weather volatile markets better than many of its competitors; the
Company being in a prime position to pursue its growth ambitions; the
Company's expectations about meeting it's guidance range for the full year
2025; timing to complete the Jasmine field drilling programme; timing for the
Jasmine low-BTU gas generator to be fully operational and online and the
potential for savings in operating expenses and reduced greenhouse gas
emissions thereafter; timing for the Wassana redevelopment project and start
of production from a newly built facility; expectations for future drilling on
the Manora field; and the potential for further extensions of the Thrace basin
leases and licences.
Although the Company believes the expectations and assumptions reflected in
such forward-looking information are reasonable, they may prove to be
incorrect.
Forward-looking information is based on management's current expectations and
assumptions regarding, among other things: political stability of the areas in
which the Company is operating; continued safety of operations and ability to
proceed in a timely manner; continued operations of and approvals forthcoming
from governments and regulators in a manner consistent with past conduct;
ability to achieve extensions to licences in Thailand and Türkiye to support
attractive development and resource recovery; future drilling activity on the
required/expected timelines; the prospectivity of the Company's lands; the
continued favourable pricing and operating netbacks across its business;
future production rates and associated operating netbacks and cash flow;
decline rates; future sources of funding; future economic conditions; the
impact of inflation of future costs; future currency exchange rates; interest
rates; the ability to meet drilling deadlines and fulfil commitments under
licences and leases; future commodity prices; the impact of the Russian
invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates
and taxes; management's estimate of cumulative tax losses being correct;
future capital and other expenditures; the success obtained in drilling new
wells and working over existing wellbores; the performance of wells and
facilities; the availability of the required capital to funds its exploration,
development and other operations, and the ability of the Company to meet its
commitments and financial obligations; the ability of the Company to secure
adequate processing, transportation, fractionation and storage capacity on
acceptable terms; the capacity and reliability of facilities; the application
of regulatory requirements respecting abandonment and reclamation; the
recoverability of the Company's reserves and contingent resources; future
growth; the sufficiency of budgeted capital expenditures in carrying out
planned activities; the impact of increasing competition; the availability and
identification of mergers and acquisition opportunities; the ability to
successfully negotiate and complete any mergers and acquisition opportunities;
the ability to efficiently integrate assets and employees acquired through
acquisitions; global energy policies going forward; international trade
policies; future debt levels; and the Company's continued ability to obtain
and retain qualified staff and equipment in a timely and cost efficient
manner. In addition, the Company's work programmes and budgets are in part
based upon expected agreement among joint venture partners and associated
exploration, development and marketing plans and anticipated costs and sales
prices, which are subject to change based on, among other things, the actual
results of drilling and related activity, availability of drilling, offshore
storage and offloading facilities and other specialised oilfield equipment and
service providers, changes in partners' plans and unexpected delays and
changes in market conditions. Although the Company believes the expectations
and assumptions reflected in such forward-looking information are reasonable,
they may prove to be incorrect.
Forward-looking information involves significant known and unknown risks and
uncertainties. Exploration, appraisal, and development of oil and natural gas
reserves and resources are speculative activities and involve a degree of
risk. A number of factors could cause actual results to differ materially from
those anticipated by the Company including, but not limited to: the ability of
management to execute its business plan or realise anticipated benefits from
acquisitions; the risk of disruptions from public health emergencies and/or
pandemics; competition for specialised equipment and human resources; the
Company's ability to manage growth; the Company's ability to manage the costs
related to inflation; disruption in supply chains; the risk of currency
fluctuations; changes in interest rates, oil and gas prices and netbacks; the
risk that the Company's tax advisors' and/or auditors' assessment of the
Company's cumulative tax losses varies significantly from management's
expectations of the same; potential changes in joint venture partner
strategies and participation in work programmes; uncertainty regarding the
contemplated timelines and costs for work programme execution; the risks of
disruption to operations and access to worksites; potential changes in laws
and regulations, including international treaties and trade policies; the
uncertainty regarding government and other approvals; counterparty risk; the
risk that financing may not be available; risks associated with weather delays
and natural disasters; and the risk associated with international activity.
See the most recent annual information form and management's discussion and
analysis of the Company for a detailed discussion of the risk factors.
Certain forward-looking information in this news release may also constitute
"financial outlook" within the meaning of applicable securities legislation.
Financial outlook involves statements about Valeura's prospective financial
performance or position and is based on and subject to the assumptions and
risk factors described above in respect of forward-looking information
generally as well as any other specific assumptions and risk factors in
relation to such financial outlook noted in this news release. Such
assumptions are based on management's assessment of the relevant information
currently available, and any financial outlook included in this news release
is made as of the date hereof and provided for the purpose of helping readers
understand Valeura's current expectations and plans for the future. Readers
are cautioned that reliance on any financial outlook may not be appropriate
for other purposes or in other circumstances and that the risk factors
described above or other factors may cause actual results to differ materially
from any financial outlook.
The forward-looking information contained in this news release is made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by applicable
securities laws. The forward-looking information contained in this news
release is expressly qualified by this cautionary statement.
This news release does not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction, including where such offer
would be unlawful. This news release is not for distribution or release,
directly or indirectly, in or into the United States, Ireland, the Republic of
South Africa or Japan or any other jurisdiction in which its publication or
distribution would be unlawful.
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that term is defined in the policies of the Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
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