Valeura Energy reports its financial and operating results for the three month period and year ended 31 December 2025.
Operations Highlights
- Oil production of 23.2 mbbls/d(1) and oil sales of 8.5 million bbls for full year 2025;
- Successful development and appraisal drilling across the portfolio on the Jasmine/Ban Yen, Manora, and Nong Yao fields;
- Proved plus probable ('2P') reserves replacement ratio of 192%;
- Reserves life index increased to a new Company record of 7.5 years, on a 2P basis; and
- Greenhouse gas ('GHG') intensity reduced by 12% for full year 2025, yielding approximately a 30% reduction since Valeura originally acquired its Thailand portfolio in 2023.
Strategic Highlights
- Final investment decision taken on the Wassana field redevelopment, which will entail deployment of a new-build central processing platform (“CPP”) facility on the field;
- Strategic farm-in agreement with a subsidiary of PTT Exploration and Production Plc (“PTTEP”) to pursue exploration and infrastructure-led development opportunities on Blocks G1/65 and G3/65, offshore Gulf of Thailand(2) (the 'PTTEP Farm-In Agreement'); and
- Joint venture with a subsidiary of Transatlantic Petroleum LLC (“Transatlantic”) to explore and develop the deep rights formations of the Thrace basin of northwest Türkiye (the “Transatlantic JVA”).
Financial Highlights
- Revenue of US$594.4 million based on average full year realised price of US$70.2/bbl;
- Adjusted after tax cashflow from operations of US$247.4 million(3);
- Adjusted Opex of US$222.7 million, equating to US$26.3/bbl(3); and
- Cash and net cash balance as of 31 December 2025 of US$305.7 million(3,4), with no debt.
-
Working interest share production, before royalties.
-
Subject to approval from the Government of Thailand.
-
Non-IFRS financial measure or non-IFRS ratio – see 'Non-IFRS Financial Measures and Ratios' section.
-
Includes restricted cash of US$23.0 million.
Dr. Sean Guest, President and CEO commented:
'Valeura delivered an exceptional 2025, one that demonstrates the power of our strategy in action. We strive to add value through disciplined organic investment and targeted inorganic transactions, all underpinned by a commitment to operational excellence.
Our decision to re-invest into our portfolio by way of the Wassana field redevelopment project is a compelling example. It has not only strengthened our core business for the long run, but has immediately grown our reserves by unlocking the Wassana field’s potential for significantly longer field life. Combined with other life-extending works across the portfolio, the result is yet another significant increase in reserves. For the third consecutive year, we have achieved approximately 200% reserves replacement ratio on a 2P basis.
Strategic transactions like our farm-in to PTTEP’s Blocks G1/65 and G3/65 demonstrate that by building the right relationships, we can meaningfully expand our portfolio. This opportunity brings both exploration opportunities and discovered resources that are expected to convert quickly into production and cash flow. We have set the scene for significant further growth. With US$306 million in cash and zero debt, we are exceptionally well-positioned to pursue larger, transformational opportunities through M&A.
Our operational performance in 2025 was equally strong. We held Adjusted Opex(1) to approximately US$26/bbl, the product of countless continuous improvement initiatives and smart structural decisions such as owning, rather than leasing, key facilities across our operations. Critically, operational excellence goes beyond costs. Despite growing our production, we reduced our absolute greenhouse gas emissions, meaning our emissions intensity was reduced for the third year in a row.
Continued execution across our business has established Valeura as one of the top-performing companies in our sector, delivering year-on-year share price growth. That delivery is amplified by the dramatically different oil price environment we find ourselves facing today, which is in stark contrast to the relatively low prices we saw through much of 2025. Our industry is no stranger to volatility, and we maintain a suite of strategic plans for how best to respond to such changes.
We have today opted to accelerate some projects, which will see us immediately invest more into our largest and most profitable producing field to facilitate more infill drilling. The US$7 million project entails adding four additional well slots to the Nong Yao A facility, which will allow us to more aggressively pursue development drilling targets at the Nong Yao field later this year. At the same time, we are reviewing various exploration and development opportunities across the portfolio to potentially accelerate as well, while remaining committed as always to our strict investment criteria.
Our strategy is working and we have laid a compelling foundation for what promises to be an even more exciting 2026 and beyond.'
Click here for full announcement
Source: Valeura Energy
