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 IR@valeuraenergy.com.
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
Contact@valeuraenergy.com
Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752
Robin James Martin, SVP, Communications and Investor Relations
IR@valeuraenergy.com
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.
More information could be viewed via this link: Valeura Energy Inc.: Exploration, Development
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