Valeura Energy announced the results of its year-end 2023 inventory of reserves and resources for its Thailand assets.
The Canadian petroleum and natural gas company said the value of its assets increased from US$261 million at the end of 2022 to US$429 million at the end of 2023.
“During the intervening calendar year, cash flow from the assets’ 7.5 MMbbls (million barrels) production has enabled us to fully pay down our debt while also accumulating US$151 million in cash by December 31, 2023,” President and Chief Executive Officer Sean Guest said. “Together that creates a net asset value of US$579 million, which, based on our current shares outstanding and foreign exchange rates, equates to approximately (CA)$7.56 per share.”
“We have replaced more than double the oil we produced, extended the anticipated economic life of our portfolio, and recorded a significant uptick in NPV,” he noted. “This is an additional year of results that support our thesis that these assets will continue to deliver cashflow well into the future.”
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.
