SINGAPORE, Nov. 11, 2026 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its unaudited financial and operating results for the three and nine month periods ended 30 September 2026.
The complete quarterly reporting package for the Company, including the unaudited financial statements (the “Interim Financial Statements”) 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.
Q3 Highlights
- Oil production of 2.036 million bbls, averaging 22,128 bbls/d(1);
- Oil sales of 2.013 million bbls;
- Price realisations averaged US$97.4/bbl, resulting in revenue of US$196.1 million;
- Adjusted EBITDAX of US$115.8 million(2) and adjusted cashflow from operations of US$93.6 million(2);
- Net cash of US$384.9 million(3), with no debt.
- Exploration discovery on Block G1/48(4) – the Suraphi oil field;
- Final investment decision (“FID”) on the first phase of development of the Bussabong gas field, on Block G3/65(5); and
- Milestone cumulative production of 100 million bbls of oil from the Jasmine/Ban Yen field on Block B5/27(6) as of 21 September 2026.
Recent Achievements
- Early completion and installation of the new Wassana central processing platform ("CPP") on Block G10/48(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.
(3) Includes restricted cash of US$15.8 million.
(4) 70% operated working interest.
(5) 40% non-operated working interest.
(6) 100% operated interest.
Dr. Sean Guest, President and CEO commented:
“Across the entire spectrum including exploration, development, and production, our performance in Q3 2026 provides strong examples of how we are delivering value for our stakeholders. We are firing on all cylinders.
Our exploration discovery at Suraphi creates a line of sight to a longer life for the G1/48 Block by unlocking both new and stranded oil accumulations in the vicinity. Our Wassana redevelopment project demonstrates our ability to execute high value offshore developments efficiently, underscored by our two-month acceleration of the CPP installation. Our FID of the first phase of development at the Bussabong field lays a framework for us to diversify our portfolio and to build materiality from gas development over time. All of this was delivered safely, and while recording high-margin oil production exactly in line with our plan.
From a financial perspective, our Q3 performance illustrates how our portfolio is pre-disposed to turning high oil prices into a formidable stream of cash flow. As a result, by the end of Q3 our balance sheet had grown to US$385 million in cash, with no debt. This position, together with our undrawn credit facility, provides the wherewithal for us to pursue our inorganic growth ambitions in Thailand and elsewhere in the region. We are excited by the opportunity set before us and see the potential for Valeura to deliver transformational growth.”
Financial and Operating Results Summary
| Three months ended | Nine months ended | |||||||
| 30 September 2026 |
30 September 2025 |
Delta (%) | 30 September 2026 |
30 September 2025 |
Delta (%) | |||
| Oil Production(1) | (‘000 bbls) | 2,036 | 2,114 | -4% | 6,075 | 6,210 | -2% | |
| Average Daily Oil Production(1) | (bbls/d) | 22,128 | 22,976 | -4% | 22,254 | 22,743 | -2% | |
| Average Realised Price | ($/bbl) | 97.4 | 72.1 | +35% | 93.5 | 72.9 | +28% | |
| Oil Volumes Sold | (‘000 bbls) | 2,013 | 2,160 | -7% | 5,861 | 5,943 | -1% | |
| Oil Revenue | ($’000) | 196,106 | 155,651 | +26% | 548,126 | 432,996 | +27% | |
| Profit before income taxes | ($’000) | 48,690 | 23,689 | +106% | 149,813 | 76,681 | +95% | |
| Net Income | ($’000) | 25,646 | 15,813 | +62% | 84,695 | 35,335 | +140% | |
| Adjusted EBITDAX(2) | ($’000) | 115,814 | 80,710 | +43% | 320,274 | 230,306 | +39% | |
| Adjusted Pre-Tax Cashflow from Operations(2) |
($’000) | 109,779 | 77,667 | +41% | 294,486 | 202,536 | +45% | |
| Adjusted Cashflow from Operations(2) |
($’000) | 93,558 | 73,616 | +27% | 268,988 | 197,034 | +37% | |
| Operating Costs | ($’000) | 52,704 | 49,093 | +7% | 142,413 | 131,741 | +8% | |
| Adjusted Opex(2) | ($’000) | 57,118 | 52,525 | +9% | 166,847 | 158,830 | +5% | |
| Operating Costs per bbl | ($/bbl) | 25.9 | 23.2 | +12% | 23.4 | 21.2 | +10% | |
| Adjusted Opex per bbl(2) | ($/bbl) | 28.1 | 24.8 | +13% | 27.5 | 25.6 | +7% | |
| Adjusted Capex(2) | ($’000) | 40,861 | 52,355 | -22% | 150,739 | 134,189 | +12% | |
| Weighted average shares outstanding – basic |
(‘000 shares) | 106,271 | 106,219 | +0% | 106,028 | 106,339 | -0% | |
| As at | ||||
| 30 September 2026 | 31 December 2025 | Delta (%) | ||
| Cash and cash equivalents(3) | ($’000) | 384,941 | 305,738 | +26% |
| Adjusted net working capital(2) | ($’000) | 366,513 | 261,498 | +40% |
| Shareholder’s equity | ($’000) | 630,716 | 542,796 | +16% |
(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) Includes restricted cash.
Financial Update
The Company’s Q3 2026 financial performance reflects ongoing production operations at all four of its operated fields in the offshore Gulf of Thailand, and was influenced by continuing high realised prices during the quarter, coupled with sales volumes essentially equivalent to production volumes.
Valeura’s working interest share production before royalties averaged 22,128 bbls/d, resulting in a total of 2.036 million bbls produced during Q3 2026, which was approximately 4% lower than Q3 2025. Production was above the Company’s expectations for the quarter, and continues to support its production guidance outlook for the full year 2026 as set out in its Revised Guidance (September 2026).
Oil sales totalled 2.013 million bbls during Q3 2026, which was approximately the same as production, and therefore resulted in crude oil inventory being unchanged from the beginning of the quarter. Realised prices during Q3 2026 averaged US$97.4/bbl, a 35% increase over Q3 2025, and a reflection of higher global oil benchmark prices as a result of the conflict in the Middle East.
Q3 2026 revenue was US$196.1 million, an increase of 26% over Q3 2025 revenue, primarily as a result of higher realised prices. Revenue in Q3 2026 includes crude oil receivables of US$22.6 million at 30 September 2026(2), in respect of oil sales just prior to the end of the quarter. Consequently, these particular sales are included in revenue for Q3 2026, but are not reflected in the Company’s cash position as at 30 September 2026.
Valeura’s cost of operations in Q3 2026 was influenced by continuing high prices for refined fuel products, notably diesel, which is consumed across the Company’s portfolio and comprises a material proportion of the operating budget. Operating costs for the quarter totalled US$52.7 million, equating to US$25.9/bbl of oil produced. As previously disclosed, in describing its cost of ongoing operations Valeura focuses primarily on operating costs, which is an IFRS measure. However, the Company continues to provide information on Adjusted opex, a non-IFRS measure(1), for historical comparative purposes. To derive Adjusted opex, the Company adjusts for (1) the cost of leases, relating primarily to floating infrastructure used in its operations, which totalled US$6.0 million in Q3 2026; and (2) the capitalisation of inventory, amounting in Q3 2026 to (US$1.6) million. These adjustments thereby result in Adjusted opex of US$57.1 million, or US$28.1/bbl of oil produced in Q3 2026. Management estimates that the increase in the price of diesel has resulted in an addition of approximately US$3.7/bbl to its Q3 2026 Adjusted opex versus its original plan.
Valeura generated adjusted cashflow from operations(1) of US$93.6 million in Q3 2026, which was 27% higher than in Q3 2025, reflecting higher cash flow margins which were driven by higher revenue more than offsetting increases in operating costs.
Valeura had no cash tax payments during Q3 2026. Following the Company’s cash tax payments in Q2 2026, no further Special Remuneratory Benefit (“SRB”) obligations or Petroleum Income Taxes (“PITA”) cash payments are anticipated for the rest of 2026. SRB and PITA for 2026 production will be paid in May 2027. PITA accrued for Q3 2026 (relating to the Nong Yao, Wassana, and Manora fields) was fully offset by the application of tax loss carry-forwards.
Valeura made cash outlays in respect of its operating expenses and capex of US$93.6 million in Q3 2026, and generated Other Income, primarily related to its overriding royalty on the Rossukon field and interest income, of US$5.0 million. As a result, the Company’s performance was additive to its financial position. As at 30 September 2026, cash had increased to US$384.9 million, including restricted cash of US$15.8 million. Valeura’s adjusted net working capital(1) increased to US$366.5 million as at 30 September 2026, an increase of 40% from 31 December 2025.
(1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section.
(2) Excludes Value Added Tax.
Operations Update
During Q3 2026, Valeura had ongoing production operations at all four of its operated Gulf of Thailand fields. One drilling rig was on contract during the quarter, until demobilisation from its final Valeura drilling operation on 18 September 2026.
Jasmine / Ban Yen
Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 8,238 bbls/d during Q3 2026.
Production rates reflect the impact of a successful drilling campaign which was completed during the quarter. Valeura drilled two new wellbores from the Jasmine-C platform and two from Jasmine-D. The drilling programme included two horizontal development wells and two dual-objective deviated wells drilled for both development and appraisal targets.
In addition to increasing production, the drilling programme’s multi-objective wells successfully appraised several new zones, which are being studied as potential future development candidates.
During Q3 2026, cumulative oil production from the Jasmine/Ban Yen field reached a milestone of 100 million bbls produced, substantially exceeding the original production estimates for the field.
Nong Yao
Working interest share oil production before royalties from the Nong Yao field, in Licence G11/48 (90% operated working interest) averaged 9,255 bbls/d during Q3 2026.
In addition to routine production and maintenance operations in Q3 2026, Valeura advanced its project to add four additional well slots to the Nong Yao A platform and completed it in October 2026. The Company has since mobilised its new drilling rig to the Nong Yao field, where it plans to drill three wells from the new slots in Q4 2026.
Wassana
Oil production before royalties from the Wassana field, in Licence G10/48 (100% operated interest), averaged 2,484 bbls/d during Q3 2026. No wells were drilled on the licence in Q3 2026, and no further wells are planned to be drilled from the field’s original production facility, the Mobile Offshore Production Unit (“MOPU”) Ingenium.
Onshore construction of the Wassana field’s new CPP facility progressed ahead of schedule in Q3 2026 and was fully completed on 01 October 2026. The CPP facility’s jacket structure and the CPP itself were mobilised to the field in October and safely installed on location. Hook up and commissioning of the facility has commenced and Valeura plans to begin development drilling from the CPP later in Q4 2026.
In accordance with the project plan, installing the CPP will require a shutdown of production from the field’s existing production facilities for approximately two months, to execute upgrades to the field’s floating storage and offloading vessel. This shutdown is scheduled to begin in mid-November 2026.
Manora
Working interest share oil production before royalties from the Manora field, in Licence G1/48 (70% operated working interest), averaged 2,148 bbls/d during Q3 2026.
During Q3 2026 Valeura drilled the Manora-9 open water exploration well, approximately 4.5 km to the northeast of the Manora-A platform. The well, along with follow-up sidetracks, identified several oil-bearing sandstone intervals within separate fault blocks, thereby constituting a new field on the licence, to be known as Suraphi. Valeura’s management believes the discovery is likely to justify a satellite facility development on the block. The Company is evaluating whether to pursue a fast-track development of the Suraphi field, or to first conduct further appraisal drilling in the vicinity, with a decision anticipated by the end of 2026.
Block G1/65 and G3/65
In September 2026, the Cabinet of the Government of Thailand granted executive approval for the transfer of interest from PTTEP Energy Development Company Limited (“PTTEP”), a subsidiary of PTT Exploration and Production Public Company Limited to Valeura, in connection with the Company’s strategic farm-in to Blocks G1/65 and G3/65. Valeura expects to complete the administrative steps to close the transfer of 40% non-operated working interest in each of the blocks before the end of 2026.
Also in September 2026, Valeura and PTTEP took a final investment decision to proceed with an initial gas development at the Bussabong gas field on Block G3/65. The project will be Valeura’s first organic gas development in its Thailand portfolio and entails two gas wellhead platforms tied in to nearby processing infrastructure. Valeura anticipates first production from the Bussabong field at approximately year-end 2028.
In addition, Valeura and PTTEP are continuing to plan the next phases of appraisal and exploration on several focus areas in both Block G1/65 and G3/65, guided by 3D seismic data, which was acquired in 2025.
Türkiye
On the West Thrace Production Leases and the West Thrace Exploration Licence, Transatlantic has satisfied the earning requirements entitling it to a 50% undivided working interest, but in Q3 2026, notified Valeura of its intent to relinquish its earning rights. Accordingly, Valeura’s interest remains 63% in these blocks and 100% in the Banarli Licence.
The Company intends to seek a new farm-in partner to pursue the next phases of exploration and appraisal on its tight gas play in Türkiye.
Valeura’s management remains primarily focused on executing to add value through its growth-oriented strategy in the Asia-Pacific region, but continues to see the Türkiye tight gas play as a potentially significant source of value in the longer term.
Guidance
Full year 2026 production is expected to be above the guidance mid-point despite a planned shutdown of the Wassana field now planned to begin in November 2026 rather than in 2027, in accordance with the accelerated redevelopment work plan.
Operating Costs and Adjusted opex continue to be affected by higher than anticipated oil prices and the flow through effect to the cost of diesel fuel. Prices have remained at elevated levels throughout both Q2 and Q3, and are continuing into Q4 2026. As a result, the Company now anticipates its full year Adjusted opex being just above the top end of its Revised Guidance (September 2026) range. Accordingly, Valeura is adjusting its guidance on Adjusted opex as indicated in the Revised Guidance (November 2026) figures below.
All capital projects associated with Valeura’s original 2026 work programme, and those added by way of its Revised Guidance, as announced in May and September 2026, remain on budget.
| Original Guidance | Revised Guidance (May 2026) | Revised Guidance (September 2026) | Revised Guidance (November 2026) |
||
| Production(1) | (‘000 bbls) | 19,500 – 22,500 | 19,500 – 22,500 | 20,000 – 22,000 | 20,000 – 22,000 |
| Adjusted opex(2) | (US$ million) | 190 – 220 | 190 – 220 | 190 – 220 | 225 – 235 |
| Adjusted capex(2) (including exploration spend) |
(US$ million) | 175 – 195 | 195 – 215 | 220 – 235 | 220 – 235 |
(1) Working interest share production before royalties.
(2) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section.
The Company intends to fund its Adjusted opex and Adjusted capex spending from ongoing cash flow.
Webcast
Valeura’s management team will host an investor and analyst webcast tomorrow, Thursday, 12 November 2026 at 08:00 Calgary / 14:00 London / 21:00 Bangkok / 22:00 Singapore to discuss this announcement. The live audio and video feed can be accessed via the link below. Written questions may be submitted through the webcast system or by email to [email protected].
An audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.
Conference ID: 115 585 132#
Dial-in numbers:
Canada: 833-845-9589
Singapore: +65 6450 6302
Thailand: +66 2 026 9035
Türkiye: 0800 142 034779
United Kingdom: 0800 640 3933
United States: (833) 846-5630
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
[email protected]
Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752
Robin James Martin, SVP, Communications and Investor Relations
[email protected]
Contact details for the Company’s advisors, covering research analysts and joint brokers, including ATB Cormark Capital Markets, Auctus Advisors LLP, Beacon Securities Limited, Canaccord Genuity Ltd (UK), Research Capital Corporation, Roth Canada Inc., and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.
About the Company
Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and Türkiye. The Company is executing a growth-oriented strategy, reinvesting into its producing asset portfolio while deploying capital toward further organic and inorganic growth across Southeast Asia. Valeura is committed to delivering value-accretive growth for all stakeholders, underpinned by high standards of environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.
Unaudited Financial Information
Certain anticipated financial and operating results for Q3 2026 in this news release, including free cash flow, are preliminary estimates based on unaudited financial information. These preliminary figures have not been audited or reviewed by the Company’s auditor and remain subject to change, which changes could be material, upon completion of the Company’s unaudited Interim Financial Statements for the three and six months ended 30 September 2026 and management’s final review.
Non-IFRS Financial Measures and Ratios
Adjusted EBITDAX: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS financial measure is included because management uses the information to analyse the financial performance of the Company. Adjusted EBITDAX is a non-IFRS and non-standardised variant of EBITDAX, adjusted to remove non-cash items as well as certain non-recurring costs including severance payments and other one-off items in relation to the Company’s recent acquisitions. Adjusted EBITDAX is calculated by adjusting profit for the period before other items as reported under IFRS Accounting Standards to exclude the effects of other income, exploration, SRB, finance income and expense, depletion, depreciation & amortisation (“DD&A”), other costs, and certain non-cash items (such as impairments, foreign exchange, unrealised risk management contracts, reassessment of contingent consideration and gains or losses arising from the disposal of capital assets). In addition, share-based compensation is excluded from adjusted EBITDAX, as the expenses are not indicative of the underlying financial performance of the Company.
| Three months ended | Nine months ended | ||||
| $’000 | Unaudited | Unaudited | Unaudited | Unaudited | |
| 30 September 2026 |
30 September 2025 |
30 September 2026 |
30 September 2025 |
||
| Profit for the period before other items | 48,498 | 23,516 | 149,205 | 76,081 | |
| Other income | (5,027) | (3,386) | (15,109) | (14,496) | |
| Exploration | 1,459 | 201 | 2,031 | 3,692 | |
| SRB | 13,904 | 3,582 | 14,277 | 3,778 | |
| Finance costs | 4,875 | 5,941 | 13,944 | 16,388 | |
| DD&A | 48,934 | 49,951 | 143,732 | 139,701 | |
| Share-based compensation (1) | 3,171 | 905 | 12,194 | 5,162 | |
| Adjusted EBITDAX | 115,814 | 80,710 | 320,274 | 230,306 | |
(1) Items are not shown in the Company’s Interim Financial Statements – see the Adjusted G&A Expenses section for more details.
Adjusted opex and adjusted opex per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio respectively, which do not have standardised meanings prescribed by IFRS Accounting Standards. This non-IFRS financial measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Operating cost represents the operating cash expenses incurred by the Company during the period including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, floating production, storage, and offloading vessels (“FPSO”), MOPUs, and warehouses. Adjusted opex is calculated by effectively adjusting non-cash items from the operating cost and adding lease costs.
Adjusted opex is divided by production in the period to arrive at adjusted opex per barrel. Valeura calculates adjusted opex per barrel to provide a more consistent indication of the cost of field operations. Adjusted opex, as opposed to operating expenses, excludes the impacts of non-recurring, non-cash items such as prior period adjustments, and adds back lease costs in relation to FSOs, FPSOs, MOPU, and other facilities.
| Three months ended | Nine months ended | ||||
| $’000 | Unaudited | Unaudited | Unaudited | Unaudited | |
| 30 September 2026 |
30 September 2025 |
30 September 2026 |
30 September 2025 |
||
| Operating Costs(1) | 52,704 | 49,093 | 142,413 | 131,741 | |
| Adjustment of accounting related to inventory capitalisation(2) |
(1,565) | (4,751) | 5,533 | 2,306 | |
| Leases(3) | 5,979 | 8,183 | 18,901 | 24,783 | |
| Adjusted Opex | 57,118 | 52,525 | 166,847 | 158,830 | |
| Production Volumes during the period (mbbls) | 2,036 | 2,114 | 6,075 | 6,210 | |
| Adjusted Opex per Barrel(2) ($/bbl) | 28.1 | 24.8 | 27.5 | 25.6 | |
(1) Operating costs, derived from the Interim Financial Statements, are presented net of crude oil inventory capitalisation
(2) The item is not shown in the Interim Financial Statements. The cost of crude inventory is capitalised from operating costs. As a result, the Company has excluded the effect of crude inventory capitalisation.
(3) In accordance with IFRS 16 Leases, the Company recognised cost related to its operating leases – attributed to FSO and FPSO vessels and MOPU used at its Jasmine/Ban Yen, Nong Yao, Manora, and Wassana fields, as well as onshore warehouse facilities costs to its balance sheet and finance cost in the profit and loss statement. In order to report a more relevant lifting cost, the Company has included costs associated with these leases in the adjusted operating cost calculation. This will be a recurring adjustment.
Adjusted G&A expenses: is a non-IFRS financial measure, which does not have standardised meanings prescribed by IFRS Accounting Standards. This non-IFRS financial measure is included because management uses the information to analyse cash generation and financial performance of the Company. G&A expenses represent the administrative expenses incurred by the Company during the period, including personnel and office expenses, share-based compensation, severance, IT licences and consultancy and professional services. To analyse the Company’s cash generation and financial performance, adjusted G&A expenses is calculated by deducting non-cash items such as the provision for severance, and share-based compensation, from the G&A expenses reported in the financial statements.
| Three months ended | Nine months ended | ||||
| $’000 | Unaudited | Unaudited | Unaudited | Unaudited | |
| 30 September 2026 |
30 September 2025 |
30 September 2026 |
30 September 2025 |
||
| Personnel and office costs | 3,871 | 5,372 | 15,190 | 14,886 | |
| Share-based compensation | 3,171 | 905 | 12,194 | 5,162 | |
| Severance | 157 | 229 | 605 | 93 | |
| IT hardware and software licences | – | 90 | – | 342 | |
| Consultancy and professional services | 745 | 1,398 | 2,966 | 2,988 | |
| Total G&A expenses | 7,944 | 7,994 | 30,955 | 23,471 | |
| Non-cash items | (1,550) | (1,294) | (10,840) | (4,481) | |
| Adjusted G&A expenses(1) | 6,394 | 6,700 | 20,115 | 18,990 | |
(1) Adjusted G&A expenses are newly presented in the current period.
Adjusted cashflow from operations and adjusted cashflow from operations per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio respectively, which do not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS finance measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Adjusted cashflow from operations is calculated using two methods which generate the same figures: a) by subtracting from oil revenues, adjusted opex, royalties, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA taxes and SRB expenses, and b) to enhance and facilitate to the reader a reconciliation of this non-IFRS measure, the Company also presented the adjusted cash flow from operations by calculating from cash generated from (used in) operating activities in the consolidated statement of cash flows, adjusting with non-cash items, adjusted opex, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA tax and SRB expenses.
Adjusted cashflow from operations is divided by production in the period to arrive at adjusted cashflow from operations per bbl. Valeura calculates adjusted cashflow from operations per barrel, to provide a more consistent indication of cashflow generated from operations by the Company.
| Three months ended | Nine months ended | ||||
| $’000 | 30 September 2026 |
30 September 2025 |
30 September 2026 |
30 September 2025 |
|
| Oil revenues | 196,106 | 155,651 | 548,126 | 432,996 | |
| Royalties | (22,815) | (18,759) | (66,678) | (52,640) | |
| Adjusted opex | (57,118) | (52,525) | (166,847) | (158,830) | |
| Adjusted G&A expenses(1) | (6,394) | (6,700)(1) | (20,115) | (18,990)(1) | |
| Adjusted pre-tax cashflow from operations | 109,779 | 77,667(3) | 294,486 | 202,536(3) | |
| Income tax / PITA tax | (2,317) | (469) | (11,221) | (1,724) | |
| SRB | (13,904) | (3,582) | (14,277) | (3,778) | |
| Adjusted cashflow from operations | 93,558 | 73,616(3) | 268,988 | 197,034(3) | |
| Production during the period (mbbls) | 2,036 | 2,114 | 6,075 | 6,210 | |
| Adjusted cashflow from operations per barrel ($/bbl) |
46.0 | 34.8(3) | 44.3 | 31.7(3) | |
| Three months ended | Nine months ended | ||||
| $’000 | 30 September 2026 |
30 September 2025 |
30 September 2026 |
30 September 2025 |
|
| Net cash generated from operating activities | 134,462 | 76,419 | 294,122 | 156,199 | |
| Change in non-cash working capital | (33,602) | 2,356 | 26,358 | 49,533 | |
| Non-cash and other adjustments(2) | 72,431 | 58,117 | 160,968 | 174,624 | |
| Adjusted opex | (57,118) | (52,525) | (166,847) | (158,830) | |
| Adjusted G&A expenses(1) | (6,394) | (6,700)(1) | (20,115) | (18,990)(1) | |
| Adjusted pre-tax cashflow from operations | 109,779 | 77,667(3) | 294,486 | 202,536(3) | |
| Income tax / PITA tax | (2,317) | (469) | (11,221) | (1,724) | |
| SRB | (13,904) | (3,582) | (14,277) | (3,778) | |
| Adjusted cashflow from operations | 93,558 | 73,616(3) | 268,988 | 197,034(3) | |
| Production during the period (mbbls) | 2,036 | 2,114 | 6,075 | 6,210 | |
| Adjusted cashflow from operations per barrel ($/bbl) |
46.0 | 34.8(3) | 44.3 | 31.7(3) | |
(1) Adjusted G&A expenses are newly applied to present adjusted cash flow from operations.
(2) Includes non-cash items and other adjustments, including taxes paid, decommissioning expenditures and restricted cash movements, to align with net cash from operating activities.
(3) Prior year adjusted pre-tax cashflow from operations and adjusted cashflow from operations are revised to align with the current period’s presentation.
Free cash flow: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS finance measure is included because management uses the information to analyse cash generation of the Company. Free cash flow is calculated by starting with adjusted cash flow from operations, subtracting adjusted capex, and exploration expenses, adding other income, and excluding any effects of foreign exchange gains or losses.
| Three months ended | Nine months ended | ||||
| $’000 | 30 September 2026 | 30 September 2025 | 30 September 2026 | 30 September 2025 | |
| Adjusted cashflow from operations | 93,558 | 73,616(1) | 268,988 | 197,034(1) | |
| Adjusted capex | (40,861) | (52,355) | (150,739) | (134,189) | |
| Exploration expenses(2) | (7,489) | (267) | (9,177) | (4,266) | |
| Other income | 5,027 | 3,386 | 15,109 | 10,496(3) | |
| Foreign exchange (gain) loss | 39 | (218) | (266) | (3,122) | |
| Free cash flow | 50,274 | 24,162(4) | 123,915 | 65,953(4) | |
(1) Prior year adjusted pre-tax cashflow from operations and adjusted cashflow from operations are revised to align with the current period’s presentation
(2) Exploration expenses include exploration expenses in profit and loss and exploration and evaluation assets (“E&E assets”).
(3) Prior year Free cash flow is revised to align with the current period’s presentation.
Outstanding debt and net cash: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IRFS financial measures are provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company. These non-IFRS measures are used to ensure capital is managed effectively in order to support the Company’s ongoing operations and needs.
| $’000 | 30 September 2026 | 31 December 2025 |
| Outstanding Debt | – | – |
| Cash and cash equivalents | 369,155 | 282,739 |
| Restricted cash (Current) | 8 | 8 |
| Restricted cash (Non-current) | 15,778 | 22,991 |
| Cash balance | 384,941 | 305,738 |
| Net cash | 384,941 | 305,738 |
Net working capital and adjusted net working capital: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IFRS financial measures are included because management uses the information to analyse liquidity and financial strength of the Company. Net working capital is calculated by deducting current liabilities from current assets. Adjusted net working capital is calculated by adding back the current leases liabilities and including non-current restricted cash in net working capital.
The leases are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses which are included in the Company’s disclosed adjusted opex (and adjusted opex guidance). Management believes the adjusted net working capital provides a useful data point to the reader to ascertain the business’ next-twelve-months surplus or deficit capital requirement. It is also a data point that management uses for cash management.
| $’000 | 30 September 2026 | 31 December 2025 |
| Current assets | 495,546 | 382,253 |
| Current liabilities | (166,956) | (180,695) |
| Net working capital | 328,590 | 201,558 |
| Current lease liabilities | 22,145 | 36,949 |
| Restricted cash (Non-current) | 15,778 | 22,991 |
| Adjusted net working capital | 366,513 | 261,498 |
Adjusted capex: is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. Adjusted capex is defined as the addition in capital expenditure for capital work-in-progress, drilling, brownfield, and other PP&E. Management uses this non-IFRS measure to analyse the capital spending of the Company and assess investments in its assets.
| Three months ended | Nine months ended | ||||
| $’000 | 30 September 2026 |
30 September 2025 |
30 September 2026 |
30 September 2025 |
|
| Capital work-in-progress(1) | 18,333 | 16,258 | 51,542 | 26,421 | |
| Drilling | 15,625 | 31,647 | 74,003 | 88,210 | |
| Brownfield | 5,784 | 3,432 | 17,201 | 16,284 | |
| Other PP&E(2) | 1,119 | 1,018 | 7,993 | 3,274 | |
| Adjusted Capex | 40,861 | 52,355 | 150,739 | 134,189 | |
(1) Capital work-in-progress represents expenditures related to the Wassana redevelopment project incurred prior to the commencement of production.
(2) Other PP&E includes office equipment and spare parts movement during the year.
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information in this news release includes, but is not limited to: the potential for a longer life for the G1/48 block; the Company’s expectation that FID of the first phase of development at the Bussabong field will build materiality from gas development over time; the Company’s cash and credit facility providing the wherewithal for it to pursue inorganic growth; no further PITA or SRB cash tax payments being anticipated in 2026; timing for future drilling campaigns; the potential for the Suraphi discovery to justify a satellite facility development on the G1/48 block; timing to decide between fast-track development or further appraisal on the G1/48 block; timing to complete the administrative steps to close the transfer of 40% non-operated working interest in Blocks G1/65 and B3/65; Valeura’s plans to begin development drilling from the CPP at the Wassana field and the expected timing thereof; the expected timing of first production from the Bussabong field; and the potential for the Türkiye tight gas play to be a significant source of value in the longer term.
Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the ongoing conflicts between the U.S.-Israel and Iran, and between Russia and Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to fund its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the Company’s most recent annual information form and the MD&A for a detailed discussion of the risk factors.
Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.
The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this new release is expressly qualified by this cautionary statement.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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