RCS - Valeura Energy Inc. - Second Quarter 2023 Results

Valeura EnergyAnnouncement

09/08/2023 13:00

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RNS Number : 8183I  Valeura Energy Inc.  09 August 2023

Second Quarter 2023 Results

Singapore, August 9, 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 six month periods ended June
30, 2023.

Q2 2023 Highlights

·    No lost time safety incidents:

·    Valeura's first full quarter of Gulf of Thailand production
operations;

·    Oil production of 22,097 bbls/d;

·    Oil sales of 2.167 million bbls, generating revenue of US$174.2
million;

·    Opex per barrel of US$22.7/bbl((1));

·    Capex spending of US$33.6 million((6));

·    Adjusted cash flow from operations of US$70.4 million((2));

·    Adjusted EBITDAX of US$78.9 million((3)); and

·    Net cash balance of US$87.6 million((4)).

Q2 2023 Key Achievements

·    Captured early operational synergies between assets by moving to a
one-rig drilling programme, rather than two;

·    Drilled eight wells during Q2, including completion of an infill
drilling programme on the Jasmine oil field and an infill drilling programme
on the Nong Yao oil field;

·    Under budget operating and capital cost performance, resulting in a
downward revision to spending expectations for the year, and no change to
production guidance;

·    First production from the Wassana oil field re-start on April 28,
2023;

·    Completed the purchase of the Wassana oil field's mobile offshore
production unit ("MOPU") and increased working interest in Licence G10/48 to
100%; and

·    Divested interest in Licence G6/48 in exchange for a royalty on
future production from the undeveloped Rossukon oil field.

Sean Guest, President and CEO of Valeura commented:

"I am pleased to announce that during our first full quarter of production
operations in Thailand, we have safely and responsibly produced an average of
22,097 bbls/d of oil.  Our Q2 2023 results mark a step change in our
business, underscored by sales of 2.167 million barrels of oil, generating
revenue of US$174.2 million.  Operating costs were managed below our guidance
estimates for the quarter, at US$22.7/bbl on an adjusted basis, resulting in
adjusted cash flow from operations of US$70.4 million.

Our company is in a strong financial position.  Compared to our metrics as of
one year earlier, we have added only a modest level of debt, which has already
been reduced to US$30.7 million as of June 30, 2023.  We have increased our
cash position from approximately US$30 million one year ago to US$121.7
million, even after having paid taxes and investing US$33.6 million of capital
spending into our assets during the quarter.  Valeura is now a strongly cash
generative business.

We are fulfilling our promise to deliver value and growth, and at the same
time are beginning to see the benefits of operating synergies across the
portfolio we have assembled.  With more than half the year completed, we have
revisited our guidance estimates for the year and are now revising downward
our expectations for both capital and operating spending while keeping
production expectations unchanged.

At the same time, our longer term outlook for growth remains positive as
evidenced by the key 90 million barrel production milestone achieved at
Jasmine during the quarter and ongoing success with infill drilling across the
portfolio, which continues to support our objective of replacing produced
reserves."

 Current Quarter Performance Summary Table

                                                              Three Months Ending
                                                              June 30, 2023

 Oil Production                                  (bbls /d)    22,097
 Oil Volumes Sold                                ('000 bbls)  2,167
 Realised Price                                  (US$/bbl)    80.4
 Oil Revenues                                    (US$'000)    174,196
 Adjusted EBITDAX ((3))                          (US$'000)    78,958
 Adjusted Cashflow from Operation ((2))          (US$'000)    70,444
 Opex ((1))                                      (US$'000)    45,613
 Capex                                           (US$'000)    33,649
 Net earnings/(loss)                             (US$'000)    (1,300)
 Weighted average shares outstanding - basic     (# '000)     101,315

                                                              As at
                                                              June 30, 2023

 Cash & Cash equivalent and Restricted cash      (US$'000)    121,682

 Debt                                            (US$'000)    31,495

 Net Cash ((4))                                  (US$'000)    87,639

 Adjusted Net Working Capital Surplus ((5))      (US$'000)    116,064

 

(1)   Opex and Opex per barrel (bbl): Are non-International Financial
Reporting Standards ("IFRS") measures which do not have a standardised meaning
prescribed by IFRS. These non-IFRS finance measures are included because
management uses the information to analyse cost and performance of the Company
and its assets. Opex 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
floating storage and offloading ("FSO") / floating and production storage
offshore ("FPSO") and warehouses.  Opex is calculated by effectively
adjusting non-cash items from the Operating Cost in the Financial statements
and adding lease costs. Opex is divided by production in the period to arrive
at Opex per bbl.

(2)   Adjusted Cashflow from operations: Is a non-IFRS measure which does
not have a standardised meaning prescribed by IFRS. This non-IFRS finance
measure is included because management uses the information to analyse cash
generation and financial performance of the Company. Adjusted Cashflow from
operations is calculated by subtracting from Oil revenues, royalties, Opex,
General and administrative costs which are adjusted for non-recurring charges,
and accrued Petroleum Income Tax Act tax and special remuneratory benefit
expenses.

(3)   Adjusted EBITDAX: Is a non-IFRS measure which does not have a
standardised meaning prescribed by IFRS. This non-IFRS finance measure is
included because management uses the information to analyse cash generation
and financial performance of the Company. Adjusted EBITDAX is calculated by
subtracting from Oil revenues, royalties, Operating Costs, General and
administrative costs, and adjusted for non-recurring charges and other
non-recuring G&A costs and adding additional expenses the company incurred
as a result of the acquisition for Mubadala and Kris assets in addition to
costs associated with redundancies.

(4)   Net Cash: Is a non-IFRS measure which does not have a standardised
meaning prescribed by IFRS. This non-IFRS measure is provided because
management uses the information a) analyse financial strength and b)
management the capital of the Company. Net cash balance US$87.6 million
consists of cash and cash equivalents and restricted cash of US$121.7 million
and outstanding debt of US$34 million (after reversal of accounting
provisions).

(5)   Adjusted Net Working Capital: Is a non-IFRS measure which does not
have a standardised meaning prescribed by IFRS. This non-IFRS finance measure
is included because management uses the information to analyse liquidity and
financial strength of the Company. Adjusted Working Capital is calculated by
adding back current leases liability to the working capital.

(6)   Non-IFRS measure.

Financial Update

During Q2 2023, Valeura had sales of 2.167 million bbls of crude oil.  The
Company recorded revenue of US$174.2 million, versus nil in the same quarter
of 2022, which was prior to the Company having active production operations.
Sales included 0.943 million bbls of oil held as unsold crude oil inventory at
the beginning of the quarter.  As of the end of Q2, the Company had unsold
oil inventory of 0.777 million barrels.  As all of Valeura's producing assets
are offshore and utilise floating storage vessels, oil is recorded as
inventory until such time as it is periodically sold as discrete cargoes, and
accordingly, sales volumes do not precisely match reported production
volumes.

Valeura's average realised price for crude oil sales was US$80.40/bbl in Q2
2023, reflecting an average premium to the Brent crude oil benchmark of
approximately US$1.90/bbl.  While actual realised prices vary on a
field-by-field basis, reflecting each field's unique crude oil characteristics
and market demand, average prices across Valeura's portfolio are expected to
continue to approximate the Brent crude oil benchmark.  The Company currently
has no hedging arrangements in place in respect of its crude oil sales.

Valeura reported operating expenses of US$70.6 million in Q2 2023.  Operating
expenses include both pre-production and production operations at the Wassana
oil field in addition to a full quarter of operations spending on the assets
acquired from Mubadala Energy, which was completed toward the end of Q1
2023.  Valeura calculates opex per barrel, a non-standardised measure, to
provide a more consistent indication of the cost of field operations, as more
fully described above.  Opex during the quarter was US$45.6 million (equating
to opex per barrel of US$22.7/bbl).  Opex, as opposed to operating expenses,
excludes the impact of non-recurring, non-cash items including prior period
adjustments relating to inventory movements, operating expenses capitalised to
inventory, and adds back lease costs in relation to floating storage and other
facilities.

During Q2 2023, the Company generated adjusted cash flow from operations of
US$70.4 million.  Valeura's management believes adjusted cash flow from
operations provides a consistent measure of the ongoing cash generative
capacity of the business, and hence its ability to continue investing, by
adjusting for non-recurring items and non-cash expenses.

Valeura generated adjusted EBITDAX of US$78.9 million in Q2 2023.  Adjusted
EBITDAX is a 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.  The
Company reported a comprehensive loss of US$1.3 million in Q2, compared to
comprehensive income of US$1.0 million in the same quarter of 2022.

As of June 30, 2023, Valeura had cash and cash equivalents of US$121.7 million
(including restricted cash of US$13.6 million), compared to US$29.7 million at
June 30, 2022, primarily reflecting an inflow of cash as a result of the
acquisition of assets from Mubadala Energy just before the end of Q1 2023 and
subsequent tax payment of US$178.1 million in respect of the previous owner's
2022 operations, in addition to further generation of net cash through ongoing
production operations during Q2 2023.

The Company had total debt of US$31.5 million (book value) as of June 30,
2023.  The debt liability reflects the Company's ongoing facility
arrangements in connection with its Thailand acquisitions, which, as of the
end of Q1 2023, were drawn to US$52.5 million.  During Q2, the Company repaid
US$18.5 million of the facility.  Progressive repayments of the debt are
continuing and the Company aims to repay the facility in full during the
remainder of 2023.

As at June 30, 2023, the Company had a net cash balance US$87.6 million which
consisted of a cash balance of US$121.7 million and outstanding debt of
US$34.0 million (after reversal of accounting provisions).

Operations Update

During Q2 2023, the Company had ongoing production operations on its
Jasmine/Ban Yen, Nong Yao, and Manora oil fields, and re-started production on
the Wassana oil field.  Aggregate production averaged 22,097 bbls/d during Q2
2023.  One drilling rig was under contract for the duration of the quarter.
 

Production from the Jasmine/Ban Yen oil field, in Licence B5/27 (100% Valeura)
averaged 9,838 bbls/d during Q2 2023.   In May, the Company finished a 10
well infill drilling programme on the asset which commenced earlier in the
year, and also attained a key milestone for the field, having produced its 90
millionth barrel of oil.  The field has greatly exceeded oil recovery
expectations set at its original development sanction in 2004 of approximately
seven million barrels.  Production operations have continued throughout the
remainder of the quarter without incident.  Positive ongoing performance of
the new Jasmine oil field infill wells has led to the development of a further
infill drilling programme for the asset, which is now in the planning phase.
 

Nong Yao oil field production, in Licence G11/48 (90% Valeura working
interest) averaged 7,486 bbls/d during Q2 2023 net to Valeura's interest.
The field's production was enhanced by two horizontal infill wells drilled
during the quarter, which contributed an initial gross rate of approximately
1,350 bbls/d.  Also during the quarter, work continued on a new-build mobile
offshore production unit to develop the Nong Yao C oil accumulation.  The new
facility is scheduled to mobilise to the field in late Q4 2023, with
development drilling planned thereafter.  In preparation for the new
facility, during Q2 2023 the Company began installing a three kilometer
pipeline to connect Nong Yao C to the field's existing production
facilities.  At the same time, the Company is progressing plans for further
infill drilling on the already-producing Nong Yao accumulations aimed at
enhancing production and minimising the effect of natural declines.

Production at the Manora oil field, in Licence G1/48 (70% Valeura working
interest) averaged 3,145 bbls/d during Q2 2023 net to Valeura's interest.
Following the Nong Yao drilling campaign, the contracted drilling rig
mobilised to the Manora oil field to conduct a three well drilling programme,
which was underway at the end of the quarter.  The campaign concluded in late
July 2023 with all wells having met or exceeded their pre-drill volume
estimates.  The new wells are now all on production and are contributing
approximately 1,400 bbls/d (net working interest basis).  Importantly, the
increased field output includes dry oil contributions from bypassed oil
downdip of existing and currently producing wells in one of the field's deeper
reservoir intervals, as well as multiple other attic or bypassed accumulations
in the shallower reservoirs.  The results of these wells indicate the
potential for further development opportunities, which are likely to form the
basis of further infill drilling campaigns in 2024 and 2025.  Accordingly,
the Company anticipates that the enhanced volumes from the Manora oil field
will result in a further extension to the field's economic life.  Valeura
foresees at least three further infill drilling targets, with individual
investment decisions subject, as always, to favourable economic conditions.

In late April 2023, Valeura restarted production from the Wassana oil field,
on Licence G10/48, and also announced an agreement to acquire the remaining
working interest from its partner, thereby increasing its interest to 100%.
Production rates increased on a gradual basis to approximately 2,400 bbls/d,
resulting in average production for the full Q2 2023 of 1,628 bbls/d.
Following the Manora oil field drilling campaign, Valeura mobilised its
drilling rig to the Wassana oil field where it is currently conducting
maintenance work including replacing electric submersible pumps which have
reached the end of their useful life.  Recently, the Company has conducted a
thorough review of the subsurface potential at Wassana and has identified the
potential for additional oil accumulations in a downdip portion of a fault
block to the north of the main field.  For clarity, these targets are in
addition to the infill drilling programme planned by the Company since its
acquisition of the asset.  The Company intends to drill two pilot wells now
to assess the potential for additional volumes in the northward extension, but
will defer production-oriented infill drilling so as to time activity to
coincide with a phase of active production operations.  Valeura intends to
utilise the contracted drilling rig as fully as possible, including adjusting
its drilling programme to accelerate the next phase of infill drilling on both
the Jasmine and Nong Yao fields, and now anticipates drilling various wells on
these fields in 2023, which were previously planned for 2024.

Valeura recorded a full quarter of safe operations during Q2 2023, with no
lost time incidents or deviations from its safe work practices.  The Company
actively records key metrics on its environmental, social, and governance
performance, and intends to present these metrics as a component of an
inaugural sustainability report in due course, along with an articulation of
its forward strategy to ensure the sustainability of its business.
Subsequent to the end of the quarter the Company implemented a safety-related
intervention in production operations at the Wassana oil field in response to
a collision between the third-party operated floating storage and offloading
vessel and the field's catenary anchor leg mooring buoy.  The field remains
suspended as the Company formulates a plan for its re-start and ongoing safe
operation in keeping with its high standards.  In the meantime, Valeura is
using production downtime at the Wassana oil field to conduct maintenance
work.

The Company had no active operations in Turkey during Q2 2023 as it continued
its search for a farm-in partner to pursue the next phase of work on its tight
gas appraisal play in the Thrace basin, where it holds interests ranging from
63% to 100%.

Guidance update

Valeura has revisited its guidance estimates and now anticipates total capital
spending in 2023 of US$155 - 175 million.  The downward revision is driven by
good drilling operations performance, the move to one (vs two) drilling rigs
for the year, as well as adjustments to its forward drilling programme.
Operating costs are anticipated to total US$200 - 220 million, reduced from
original estimates as the Company begins to realise logistics synergies and
economies of scale in relation to the ongoing integration of its Thailand
businesses.  While changes in the drilling programme will alter the
composition of production volumes for the second half of the year, the Company
continues to anticipate that it will achieve full year rates of 20,000 -
22,300 bbls/d and accordingly has not changed its production guidance for the
year.  Given sales prices to date in 2023, the Company also re-affirms its
expectation of price realisations approximately equivalent to the Brent crude
oil benchmark.

 Category            Original 2023 Guidance           Updated 2023 Guidance

(Full Year)
(Full Year)
 Production          20,000 - 22,300 bbls/d           20,000 - 22,300 bbls/d
 Price realisations  Approximately equivalent to the  Approximately equivalent to the

Brent crude oil benchmark
Brent crude oil benchmark
 Operating costs*    US$220 - 240 million             US$200 - 220 million
 Capital spending    US$180 - 200 million             US$155 - 175 million

* Includes FPSO and FSO lease costs

The Company intends to fund its operating costs and capital spending through
cash generated from ongoing operations.  For clarity, all production,
operating costs, and capital spending estimates provided above relate to the
full calendar year 2023, and accordingly, include amounts relating to the
period prior to completion of the Company's acquisition of assets from
Mubadala Energy, which closed in March 2023.

Webcast

Valeura's management team will host an investor and analyst webcast at 08:30
Calgary / 15:30 London / 21:30 Bangkok / 22:30 Singapore tomorrow, August 10,
2023, to discuss today's announcement.  The live audio and video feed can be
accessed via the link below.  Written questions may be submitted through the
webcast system or by email to IR@valeuraenergy.com
(mailto:IR@valeuraenergy.com) .

Webcast link:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_NDZiMjQ1ZjItMzAxOC00ZTY3LTk3OTgtMTA5YWNkMzI1NTBl%40thread.v2/0?context=%7B%22Tid%22%3A%22a196a1a0-4579-4a0c-b3a3-855f4db8f64b%22%2C%22Oid%22%3A%22241f769c-12ae-4efc-8c14-d2e523040a83%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a
(https://teams.microsoft.com/l/meetup-join/19%3ameeting_NDZiMjQ1ZjItMzAxOC00ZTY3LTk3OTgtMTA5YWNkMzI1NTBl%40thread.v2/0?context=%7B%22Tid%22%3A%22a196a1a0-4579-4a0c-b3a3-855f4db8f64b%22%2C%22Oid%22%3A%22241f769c-12ae-4efc-8c14-d2e523040a83%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a)

An audio only feed of the event is available by phone using the Conference ID
and dial-in numbers below.

Conference ID: 582 141 370#

Dial-in numbers:

Canada: 833-845-9589

Singapore: +65 6450 6302

Thailand: +66 2 026 9035

Turkey: 00800142034779

UK: 0800 640 3933

USA: 833-846-5630

 

For further information, please contact:

Valeura Energy Inc. (General Corporate
Enquiries)                       +1 403 237 7102

Sean Guest, President and CEO

Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com (mailto:Contact@valeuraenergy.com)

Valeura Energy Inc. (Investor
Enquiries)                             +1 403 975
6752 / +44 7392 940495

Robin James Martin, Vice President, Communications and Investor
Relations

IR@valeuraenergy.com (mailto:IR@valeuraenergy.com)

Auctus Advisors LLP (Corporate Broker to
Valeura)                     +44 (0) 7711 627 449
Jonathan Wright
Valeura@auctusadvisors.co.uk (mailto:Valeura@auctusadvisors.co.uk)

CAMARCO (Public Relations, Media Adviser to Valeura)  +44 (0) 20 3757 4980

Owen Roberts, Billy Clegg
Valeura@camarco.co.uk (mailto:Valeura@camarco.co.uk)

 

About the Company

Valeura Energy Inc. is a Canada-based public company engaged in the
exploration, development and production of petroleum and natural gas in
Thailand and in Turkey.  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/) .

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: Valeura's
longer term outlook for growth remaining positive; the production, price
realisations, operating costs and capital spending guidance for 2023,
including the Company's downward revision to capital and operating spending
while keeping production expectations unchanged from earlier disclosure; the
Company continuing to fund its operating costs and capital spending through
cash generated from ongoing operations; the Company's aim to repay its debt
facility in full during the remainder of 2023; the potential for further
infill drilling programmes; the timing to mobilise the Nong Yao C mobile
offshore production unit to the field and development drilling thereafter;
plans to further infill drill on the Nong Yao accumulations; the Manora oil
field infill wells having met or exceeded their pre-drill volume estimates;
potential for the extension of the Manora oil field's economic life; the
number of further infill drilling targets on the Manora oil field; the timing
and quantum for pilot wells to assess the potential for additional volumes in
a northward extension of the Wassana oil field; the components of the forward
drilling schedule, including the acceleration of the next phase of infill
drilling on both the Jasmine and Nong Yao oil fields and the drilling of
various wells on these fields in 2023, which were previously planned for 2024;
the Company's intent to present environmental, social, and governance
performance metrics as part of an inaugural sustainability report in due
course, along with an articulation of its forward strategy to ensure the
sustainability of its business; and the Company's use of production downtime
at the Wassana oil field to conduct maintenance work.

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;
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; royalty rates and taxes; 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 ability to
efficiently integrate assets and employees acquired through acquisitions;
global energy policies going forward; 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;
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, 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
new 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 new 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.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as
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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