Valeura Energy reports its unaudited financial and operating results for the three and nine month periods ended September 30, 2025.
Q3 Highlights
- Oil production of 23.0 mbbls/d(1) and oil sales of 2.2 million bbls;
- Average realised price of US$72.1/bbl, generating revenue of US$155.7 million;
- Adjusted EBITDAX of US$80.7 million(2) and adjusted after tax cashflow from operations of US$73.2 million(2);
- Cash and net cash balance as of September 30, 2025 of US$248.4 million(2,3), with no debt;
- Adjusted working capital as of September 30, 2025 of US$275.2 million(2);
- Successful ten-well drilling campaign at block G11/48, resulting in a production increase to 24.8 mbbls/d at quarter-end(1,4);
- Major offshore acreage expansion through strategic farm-in agreement in the Gulf of Thailand(5);
- Continued progress on the Wassana field redevelopment project; and
- Recognised by Report on Business Magazine as Canada’s No. 1 Top Growing Company, based on three-year revenue growth of 20,064%.
Recent Achievements
- Entered into a joint venture agreement with a subsidiary of Transatlantic Petroleum LLC (“Transatlantic”) to explore and develop the deep rights formations of the Thrace basin of northwest Türkiye; and
- Recent drilling on the Jasmine field has resulted in production for the month of November to date of 24.5 mbbls/d(1,6).
- Working interest share production, before royalties.
- Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.
- Includes restricted cash of US$23.8 million.
- Seven-day average to September 30, 2025.
- Subject to government of Thailand approval.
- Average from November 1 through November 12, 2025.
Dr. Sean Guest, President and CEO commented:
'Our Q3 2025 results illustrate our ongoing focus on both top tier execution and setting up our business to drive value generation in the future. All of our financial and operating results are improved relative to 12 months ago, and also relative to Q2 2025.
On the operational front, we safely executed a large-scale drilling campaign at our Nong Yao field which has delivered the trifecta of immediate oil production, new targets for future development, and the expectation of reserve additions when evaluated at year-end. Across all our producing assets, we are relentless in our push to drive value by extending economic field life.
We also took meaningful strides to build out a longer-term line of sight for our business. In particular, our agreement to farm in to the G1/65 and G3/65 blocks in the Gulf of Thailand creates running room to transform our portfolio through multiple gas and oil developments within the coming years. At the same time, redevelopment of our Wassana field will provide a new lease of life for this important asset. Construction of the new Wassana central processing platform is progressing ahead of plan, and the project remains on track for first oil in Q2 2027.
Our investments across the portfolio are well-supported by the strong margins we continue to deliver. This quarter illustrates how deliberate actions like reducing adjusted opex(1) and setting up a more efficient tax structure can enhance cash flow. On an after-tax basis, cashflow from operations(1) has increased by 46% when compared to the same quarter last year.
The net effect is a stronger balance sheet than ever before. With increased cash and no debt, our working capital surplus has surged to a new record of US$275 million. Our financial position sets the scene for both ongoing investment into our portfolio and also for inorganic growth. With this position of strength, against a backdrop of an industry that struggles for access to capital, we now have our sights set on larger inorganic opportunities, which have the potential to be truly transformational in nature.'
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Source: Valeura Energy
