Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura”) is pleased to provide an update on Q3 2025 operations, including the results of a ten-well drilling campaign at its Nong Yao field on block G11/48 (90% operated working interest), offshore Gulf of Thailand.
Key Highlights
- Safe ongoing operations, with oil production averaging 23.0 mbbls/d(1);
- Lifting of 2.16 million barrels at an average realised price of US$72.06/bbl (US$2.52/bbl premium to Brent);
- Cash position of US$248.3 million, plus a net crude receivable of US$36.7 million;
- Successful ten-well drilling campaign at block G11/48, resulting in a production increase to 24.8 mbbls/d(1,2) at quarter-end;
- Major offshore acreage expansion through strategic farm-in agreement in the Gulf of Thailand(3); and
- Progress on the Wassana field redevelopment project, with construction on schedule.
Dr. Sean Guest, President and CEO, commented:
“Our strong operational performance continued in Q3 2025, including an extensive drilling campaign at our Nong Yao field. Over our three years of Gulf of Thailand operations, we have added material value for shareholders through infill drilling, and the Nong Yao campaign is no exception. Both through accessing new reservoirs and ensuring the optimal sweep of existing production intervals, we continue to add reserves and extend the economic lives of our fields, while also identifying new appraisal targets.
“Moreover, we believe this campaign showcases our world-class operating capabilities, with our new wells accessing reservoirs further from our production facilities than would have been thought possible just a few years ago. Importantly, the new wells and operations across the entire portfolio were executed without any deviation from our high standards of health, safety, and environmental stewardship.
“Our average working interest share oil production before royalties increased to 23.0 mbbls/d during Q3. Toward the end of the quarter, with the new Nong Yao wells online, our rates had risen to approximately 24.8 mbbls/d.
“Our financial position remains strong as well with cash of just under a quarter billion US dollars and no debt. This position handily facilitates our ongoing investments to add further value through growth.
“On that front, we are making good progress on the construction phase of our Wassana redevelopment project, and while still in its early days, the project is on track with our target of first oil in Q2 2027. Separately, this quarter we have taken an exciting step toward shaping the longer-term future of our portfolio by way of a strategic farm-in in the Gulf of Thailand. With gas accumulations already discovered on both the blocks, and within close proximity to infrastructure, we anticipate moving rapidly toward development and gas production. Upon completion, the deal will formalise an important strategic relationship in Thailand which I believe will serve all stakeholders well for many years to come.”
