SINGAPORE, Oct. 07, 2026 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) provides an operations and financial update for Q3 2026.
Highlights
- Oil production averaged 22.1 mbbls/d(1);
- Sales of 2.013 million bbls;
- Price realisations averaged US$97.4/bbl, resulting in revenue of US$196.1 million;
- Cash position of US$384.9 million at 30 September 2026(2) and no debt;
- Exploration discovery on Block G1/48(3) – the Suraphi oil field;
- Final investment decision on the first phase of development of the Bussabong gas field, on Block G3/65(4);
- Milestone cumulative production of 100 million bbls of oil from the Jasmine field as of 21 September 2026(5); and
- Early completion of onshore construction of the Wassana central processing platform (“CPP”), on track for accelerated installation in the field in Block G10/48(6), starting in October 2026.
(1) Working interest share production, before royalties.
(2) Includes restricted cash of US$15.8 million.
(3) Block G1/48, 90% operated working interest.
(4) Block G3/65, 40% non-operated working interest; Thailand’s cabinet has granted executive approval for the assignment of interest to Valeura. Completion anticipated in October 2026.
(5) Block B5/27, 100% operated interest.
(6) Block G10/48, 100% operated interest.
Dr. Sean Guest, President and CEO commented:
“Our Q3 2026 production was exactly on plan, and once again, confirms our guidance expectations for the full year 2026. Operational performance has been very strong, with no deviations from our high standards on health, safety, and environmental stewardship. At the same time, our financial performance has been remarkable as the Company is able to capture full benefit of current oil prices as it carries no hedging, operates under simple tax/royalty-based fiscal terms, and benefits from historic tax loss carry-forwards. Our balance sheet is stronger than ever before, with US$385 million in cash and no debt.
During Q3, we advanced several strategic priorities including securing government approval for our Block G1/65 and G3/65 farm-in(1), and thereafter taking a final investment decision to pursue the first phase of gas development on the Bussabong field. We are also encouraged by the potential for additional oil development on Block G1/48 as a result of our exploration discovery of the Suraphi field, which we believe has the potential to extend the productive life of the Manora field and may support further exploration and development opportunities in the area.
We also achieved a key milestone at our Jasmine field this quarter, with cumulative production hitting the milestone of 100 million barrels of oil produced to date. More recently, our Wassana redevelopment project achieved a key milestone as well. Onshore construction of our new-build CPP was completed early and is on track for accelerated installation, starting in October 2026.
Operationally and financially, our business is delivering extremely well and I am pleased to see external recognition of this across all aspects of our business. This quarter we were recognised by the Toronto Stock Exchange as one of the top 30 performing companies based on three-year share price performance. We received four awards from the Thailand Ministry of Environment for our environmental monitoring practices. And finally, our Company’s approach to adopting new technology was recognised by the Society of Petroleum Engineers in Thailand in response to our introduction of complex multi-lateral drilling at the Nong Yao field.”
(1) 40% non-operated working interest.
Q3 2026 Update
Valeura’s working interest share production before royalties was on plan for Q3 2026, averaging 22.1 mbbls/d. The Company sold a total of 2.013 million bbls of oil during the quarter with average realised prices of US$97.4/bbl, resulting in revenue of US$196.1 million. Revenue includes crude oil receivables of US$22.5 million at 30 September 2026, in respect of oil sales just prior to the end of the quarter. The Company anticipates collecting upon such receivable in the early part of Q4 2026.
The Company’s cash position increased to US$384.9 million at 30 September 2026. Valeura has no debt.
Wassana CPP Completion
Onshore construction of the Wassana CPP was fully completed on 01 October 2026. Jacket and CPP have been loaded on to vessels for transportation and installation on the field, starting in October. This follows the installation of an oil export pipeline which will connect the new CPP to the floating storage and offloading vessel, which was completed in September, on plan and budget. The Company is planning to begin development drilling late in 2026.
Overall, the Company’s plan to accelerate the original Wassana redevelopment project schedule by approximately two months is on track. Management continues to forecast first oil production from the CPP at approximately the beginning of Q2 2027.
Results Timing
Valeura intends to release its full unaudited financial and operating results for Q3 2026 on 11 November 2026 and will discuss the results in more detail through a management webcast.
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.
Unaudited Financial Information
Certain anticipated financial and operating results for Q3 2026 in this news release 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 nine months ended 30 September 2026 and management’s final review.
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