Valeura Energy Inc.: First Quarter 2026 Results

SINGAPORE, May 14, 2026 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its unaudited financial and operating results for the three month period ended 31 March 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.

Highlights

• Oil production of 2.0 million bbls, averaging 22,326 bbls/d(1);
• Oil sales of 1.4 million bbls, resulting in an increase in crude oil inventory;
• Adjusted opex(2) of US$25.4/bbl, in line with the Company's guidance expectations and operating costs of US$15.6/bbl(3);
• Adjusted cashflow from operations(2) of US$21.3 million;
• Purchased the Manora Princess floating storage and offloading (“FSO”) vessel for US$15.5 million; and
• Net cash of US$261.6 million(4), with no debt.

Subsequent to Q1 2026

• Record monthly oil sales in April 2026 of 0.82 mmbbls at an average realised price of US$110.4/bbl, resulting in US$90.3 million in revenue;
• Announced a US$7 million project to add four additional well slots to the Nong Yao A platform; and
• Chartered the Shelf Drilling Enterprise jack-up drilling rig for a term of three years.
   

(1)   Working interest share production before royalties.
(2)   Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section.
(3)   Operating cost divided by production.
(4)   Includes restricted cash.

Dr. Sean Guest, President and CEO commented:

“Our Q1 2026 performance demonstrates the resilience of our portfolio. We generated positive cash flow from operations, even with oil sales only from two months of the quarter, and at relatively low realised prices of US$66.2/bbl. While we are pleased with this outcome, we are excited by the potential of Q2, which we believe is poised for a very strong financial performance. As a result of the potential March sales being deferred into the higher oil price environment in April, we generated revenue of US$90.3 million in April, nearly as much as our total revenue for Q1.

While we have no control over global benchmark oil prices, we do have control over our operations, and on that front, we have recorded another strong performance, with both operating costs and production outcomes exactly in line with our guidance expectations.

We are also remaining nimble with our work programme, and have moved swiftly to set ourselves up for more drilling in the near term, both by way of a long-term contract to charter the Enterprise drilling rig, and by expanding our Nong Yao facility to expedite drilling on what is our most profitable field.

We remain focused on growing our business too. That includes progressing both exploration and development planning work in relation to our large farm-in blocks G1/65 and G3/65 where we are earning a 40% working interest(1). At the same time we continue to pursue a suite of inorganic opportunities, guided always by the principle of adding value for our stakeholders through growth.”

      (1)   Transfer of interest subject to Thailand government approval.

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