SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") reports its financial and operating results for the three month period and year ended December 31, 2024.

The complete reporting package for the Company, including the audited financial statements and associated management's discussion and analysis ("MD&A") and the 2024 annual information form ("AIF"), are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company's website at www.valeuraenergy.com.

2024 Operational Highlights

• Production increased by 12% year-over-year to 22,825 bbls/d(1) on the back of a full year of drilling operations and development of the Nong Yao C Field;
• 100% success rate in exploration and appraisal activities with discoveries at Niramai, Wassana North, and Nong Yao D;
• Company's first full year of operations completed with no significant health, safety, or environment incidents; and
• Reduced greenhouse emissions intensity by approximately 20% compared to 2023 baseline.

2024 Financial Highlights

• Generated revenue of US$679 million, with average price realisation of US$81/bbl;
• Delivered Adjusted EBITDAX of US$378 million(2) and adjusted cashflow from operations of US$273 million(2);
• Strengthened the balance sheet with record high year-end cash position of US$259 million(3) and zero debt;
• Reduced asset retirement obligation ("ARO") by 54% since assuming operatorship in Q1, 2023;
• Completed internal restructuring to optimise operational and financial aspects of the Thai III petroleum concessions; and
• Implemented share buyback programme through a Normal Course Issuer Bid for up to 10% of the public float.

2024 Reserves Highlights

• Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;
• Delivered 2P reserves replacement ratio of 245%, even after production increase of 12%;
• Increased 2P reserves and extended the end of field life ("EOFL") at every field;
• Grew 2P net present value (NPV10) before tax to US$934 million and US$753 million after tax(4);
• Considering year-end 2024 cash position, increased 2P net asset value after tax to US$1,012 million, equating to C$13.6 per share(5); and
• Doubled contingent resources to 48 MMbbls compared to year-end 2023(6).

(1) Working interest share production before royalties.
(2) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section in the Company's MD&A.
(3) Includes restricted cash of $22.8 million.
(4) Discount rate 10%.
(5) Proved plus probable (2P) NPV10 plus net cash at December 31, 2024, assuming $/C$ exchange rate of 1.435, and 106.65 million shares outstanding as of December 31, 2024.
(6) Unrisked best estimate (2C) contingent resources.

Dr. Sean Guest, President and CEO commented:

"Our first full year of operations in Thailand were a success across all areas of our business and a trophy for value creation.  We have attained record production, record cash flow, and replaced nearly 2.5x the reserves we produced, all while continuing to strengthen our financial position.  Our business is stronger and has a longer line of sight than ever before.

Continued drilling throughout 2024 added 20 new production wells, including those we drilled to develop the new Nong Yao C field, making Nong Yao the largest and most profitable asset in our portfolio.  We've also had success with the drill bit on both appraisal and exploration which has significantly increased the number of future development well locations.  This successful drilling, combined with detailed reservoir studies has resulted in a 32% increase in 2P reserves to 50 million bbls.  Moreover, the economic life of each of our fields has moved further into the future, such that all fields are now expected to remain economic beyond 2030. 

We are focussed relentlessly on value, and with the combination of an increase in the net present value of our 2P reserves, and the record cash position of US$259 million at year-end, the net asset value of our business is now more than one billion US dollars.  On a per share basis, that equates to over C$13/share, meaning an investment in Valeura's shares continues to represent an excellent value proposition. 

In addition to growing both the value and longevity of our existing portfolio, we continue to pursue several other avenues for growth, including exciting exploration opportunities, and potential merger and acquisition targets."

To view full press release, please visit:

https://www.globenewswire.com/news-release/2025/03/25/3048456/0/en/Valeura-Energy-Inc-Another-Year-of-Record-Results-in-2024.html