Valeura Energy, a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and Türkiye, reports its unaudited financial and operating results for the three and six month periods ended 30 June 2026.
The complete quarterly reporting package for the Company, including the unaudited financial statements (the 'Interim Financial Statement') and associated management’s discussion and analysis ('MD&A') are being filed on SEDAR+ at www.sedarplus.ca and posted the Company’s website at www.valeuraenergy.com.
Q2 Highlights
- Oil production of 2.030 million bbls, averaging 22,309 bbls/d (1);
- Oil sales of 2.454 million bbls;
- Price realisations averaged US$105.8/bbl, resulting in revenue of US$259.8 million;
- Adjusted EBITDAX of US$162.8 million(2), adjusted cashflow from operations of US$154.1 million(2), and free cash flow of US$104.7 million(2);
- Net cash of US$316.5 million(3), with no debt;
- Secured a formal reduction of the Manora field’s decommissioning liability, resulting in a partial release of bank guarantees, and therefore a 31% reduction in restricted cash; and
- Drilled the longest horizontal lateral ever recorded in the Gulf of Thailand and also the first ever complex multi-lateral development well in Thailand, both on the Company’s Nong Yao field(4).
Recent Achievements
- Entered into a revolving and expandable credit facility with a credit line of up to US$75 million, and an uncommitted accordion feature of up to a further US$250 million.
- Working interest share production, before royalties.
- Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section.
- Includes restricted cash of US$15.8 million.
- Block G11/48, 90% operated working interest.
Dr. Sean Guest, President and CEO commented:
'From both a financial and operating perspective, Q2 2026 was an outstanding quarter.
The combination of higher oil sales volumes and sharply higher price realisations has flowed directly through to our highest priority metrics. We generated adjusted cash flow from operations of US$154 million(1), and free cash flow of US$104.7 million, enabling us to further bolster our balance sheet, which had US$316 million in cash as of 30 June 2026. While we believe this provides meaningful financial capacity to support our growth strategy, after the end of the quarter, we’ve added even more liquidity by entering into our maiden credit facility, which can provide up to US$325 million in debt by way of an uncommitted accordion feature.
From this position of strength, we are primed and ready to pursue our growth ambitions, both through M&A and also by accelerating select organic investments including a potential option to accelerate our Wassana redevelopment project, based on construction of our new-build central processing platform proceeding comfortably ahead of schedule. We also intend to bring our new drilling rig on contract earlier than originally envisaged, with plans to drill three new wells at Nong Yao.'
- Adjusted free cash flow is a non-IFRS financial measure that does not have a standardised meaning under IFRS — see 'Non-IFRS Financial Measures' section.
- PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited.
- Working interest share production before royalties.
