Valeura Energy reports its unaudited financial and operating results for the three and six month periods ended June 30, 2023.
Q2 2023 Highlights
• No lost time safety incidents:
• Valeura’s first full quarter of Gulf of Thailand production operations;
• Oil production of 22,097 bbls/d;
• Oil sales of 2.167 million bbls, generating revenue of US$174.2 million;
• Opex per barrel of US$22.7/bbl(1);
• Capex spending of US$33.6 million;
• Adjusted cash flow from operations of US$70.4 million(2);
• Adjusted EBITDAX of US$78.9 million(3); and
• Net cash balance of US$87.6 million(4).
Q2 2023 Key Achievements
• Captured early operational synergies between assets by moving to a one-rig drilling programme, rather than two;
• Drilled eight wells during Q2, including completion of an infill drilling programme on the Jasmine oil field and an infill drilling programme on the Nong Yao oil field;
• Under budget operating and capital cost performance, resulting in a downward revision to spending expectations for the year, and no change to production guidance;
• First production from the Wassana oil field re-start on April 28, 2023;
• Completed the purchase of the Wassana oil field’s mobile offshore production unit (“MOPU”) and increased working interest in Licence G10/48 to 100%; and
• Divested interest in Licence G6/48 in exchange for a royalty on future production from the undeveloped Rossukon oil field.