$1.60 cad in cash and market cap of $250 m cadExtremely risk averse compared to peer proxies .
Going forward, our guidance for 2023 has gotten even better indicating about $2 in cash by exit Q3..
Guidance update
Valeura has revisited its guidance estimates and now anticipates total capital spending in 2023 of US$155 - 175 million. The downward revision is driven by good drilling operations performance, the move to one (vs two) drilling rigs for the year, as well as adjustments to its forward drilling programme. Operating costs are anticipated to total US$200 - 220 million, reduced from original estimates as the Company begins to realise logistics synergies and economies of scale in relation to the ongoing integration of its Thailand businesses. While changes in the drilling programme will alter the composition of production volumes for the second half of the year, the Company continues to anticipate that it will achieve full year rates of 20,000 - 22,300 bbls/d and accordingly has not changed its production guidance for the year. Given sales prices to date in 2023, the Company also re-affirms its expectation of price realisations approximately equivalent to the Brent crude oil benchmark.
| Category | Original 2023 Guidance
(Full Year) | Updated 2023 Guidance
(Full Year) |
| Production | 20,000 - 22,300 bbls/d | 20,000 - 22,300 bbls/d |
| Price realisations | Approximately equivalent to the
Brent crude oil benchmark | Approximately equivalent to the
Brent crude oil benchmark |
| Operating costs* | US$220 - 240 million | US$200 - 220 million |
| Capital spending | US$180 - 200 million | US$155 - 175 million |