Valeura Energy has announced record high proved plus probable ('2P') reserves, an increase in its 2P reserves life index ('RLI') and a third consecutive year of approximately 200% 2P reserves replacement ratio.
Highlights
- Record high proved (“1P”) reserves of 37.9 MMbbls, proved plus probable (“2P”) reserves of 57.8 MMbbls, and proved plus probable plus possible (“3P”) reserves of 71.2 MMbbls;
- Adding, not just replacing reserves, with a 2P reserves replacement ratio of 192%;
- 2P reserves net present value (“NPV10”) before tax of US$872 million and US$692 million on an after tax basis(1);
- Year-end 2025 cash position of US$306 million, and a net asset value (“NAV”) of US$998 million, equating to approximately C$13 per common share(2);
- RLI increased to a new record of 7.5 years, on a 2P basis(3); and
- Above volumes and values do not include the recent farm-in to blocks G1/65 and G3/65 in the Gulf of Thailand, which will be additive upon completion(4) (the “Farm-in Transaction”).
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- Discounted at 10% (“NPV10”)
- 2P NPV10 after tax plus cash of US$305.7 million (no debt), using US$/C$ exchange rate of 1.3722 and 105.5 million common shares of the Company (the “Common Shares”) outstanding, as at 31 December 2025
- Based on 2P reserves divided by the mid-point of the Company’s 2026 guidance production of 21 Mbbls/d
- Subject to government approval
Dr. Sean Guest, President and CEO commented:
'For the third time in a row we have added approximately double the reserves we produced during the year, achieving a 2P reserves replacement ratio of 192%. This outcome is especially strong given the sharp drop in oil prices in 2025, meaning our reserves were evaluated at a forward price much lower than in the prior year.
We are committed to seeing through the volatility in the global commodity market and have maintained our focus on adding to the ultimate potential and longevity of our portfolio. This is reflected in an improvement to our RLI, which is now at a new record high of 7.5 years (based on 2P reserves and anticipated 2026 production). Our RLI has increased steadily over the three years we have been operating in Thailand, and we see this as affirmation of our ability to add more years of future cash flow, for the benefit of all stakeholders.
The net asset value of our business, defined as year-end cash plus our 2P net revenue (NPV10), is US$1 billion which equates to approximately C$13/Common Share.
We are mindful of the concept of portfolio renewal and therefore continue to focus on contingent resources as well, which provides the feedstock for future reserves additions. We believe our decision to redevelop the Wassana field is an excellent example of this progression. At the same time, we have added more volumes through life-extending work with our Jasmine licence and through ongoing drilling success across the portfolio. In addition, upon completion of our strategic Farm-in Transaction to blocks G1/65 and G3/65 in the Gulf of Thailand, these new volumes will be additive to the volumes we have reported today.
We believe our year-end 2025 reserves and resources demonstrate our ability to drive deeper and longer-lived value from our assets, even when faced with a correction in commodity prices. I believe this underscores both the robustness of our portfolio and the relentless commitment to value shared by our world class team.'
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Source: Valeura Energy
