Valeura Energy, the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, today provides a trading update for Q2 2023.

During Q2 2023 the Company’s net working interest production from its four producing assets averaged 22,097 bbls/d of crude oil.  Production increased 8% relative to Q1 2023.

Valeura drilled eight wells, on its Jasmine, Nong Yao, and Manora oil fields in Q2 – all were successful.  Drilling operations at the Manora oil field are currently in the final stages of a three-well programme.  Upon completion the Company intends to bring the three new Manora wells on stream as producers and thereafter to mobilise the drilling rig to the Wassana oil field.  Further to the Company’s July 6, 2023 announcement of a temporary suspension in Wassana production operations, for clarity, Valeura intends to proceed with the Wassana infill drilling programme as planned.  Drilling operations were executed safely throughout the quarter, with no recorded deviations from Valeura’s safe operating practices.

During Q2 2023, in addition to routine operating costs and capital expenditures, the Company paid taxes(1) of US$178.1 million in respect of the previous owner’s 2022 operations, as planned, paid down US$18.5 million of its debt facility, and completed the acquisition of the Wassana oil field’s mobile offshore production unit, Ingenium, by way of a final consideration payment of US$5.0 million.  As of June 30, 2023 Valeura had US$121.6 million in cash(2) and debt of US$30.7 million.

(1) Petroleum income tax and special remuneratory benefit
(2) Cash and cash equivalent plus restricted cash

Sean Guest, President and CEO commented:
“I am very pleased with our performance during the first full quarter under Valeura’s operatorship.  Integration of the businesses we have acquired is progressing well, and our expanded team is continuing to demonstrate a world-class performance, delivering oil production averaging over 22 thousand bbls/d and remaining committed to our principles of safe operations. 

The impact of our operations during the quarter underscores the magnitude of how much we have changed the character of Valeura as an investment.  We are generating cash, self-funding growth via re-investment into our portfolio, and strengthening our balance sheet at the same time.” 

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