In a recent webcast, Valeura Energy’s management unveiled the company’s impressive end-of-year 2024 reserves and resources, highlighting significant growth and strategic advancements.
At the close of 2024, Valeura Energy reported record-high reserves: 32 million barrels (MMbbl) of proved (1P), 50 MMbbl of proved plus probable (2P), and 60 MMbbl of proved plus probable plus possible (3P) reserves. This achievement reflects a 245% 2P reserves replacement ratio, effectively more than doubling the company’s annual production, which itself saw a 12% increase over the previous year.
The company’s net asset value (NAV) has surpassed US$1 billion, equating to over C$13.6 per common share. This valuation is based on a 76% year-on-year increase in the 2P after-tax net present value discounted at 10% (NPV10), coupled with a record year-end cash position of US$259 million.
Valeura’s strategic initiatives have also led to a significant extension of the economic life of all its fields, now projected to continue beyond 2030. This extension, combined with updated engineering studies, has resulted in a more than 50% reduction in the company’s Asset Retirement Obligation (ARO) since assuming operatorship of these assets. citeturn0search3
The company has more than doubled its best estimate (2C) unrisked contingent resources to 48 MMbbl, marking a 143% increase compared to the previous year. This growth underscores Valeura’s commitment to aggressive exploration and development within its portfolio.
Looking ahead, Valeura remains focused on both organic and inorganic growth opportunities. Plans are underway for the potential redevelopment of the Wassana field, ongoing infill development, appraisal drilling, and the pursuit of selective exploration targets throughout 2025.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
