3rd Apr 2023 21:11
Valeura Energy Inc - Thailand and Turkey-focused oil and gas company - Reports total proved reserves of 3.8 million barrels at the end of 2022 and total proved plus probable reserves of 6.1 million barrels. Total proved plus probable plus possible totals 7.0 million barrels. Says it is progressing towards resuming production operations at the Wassana oil field.
Chief Executive & President Sean Guest says: "2022 was a year of genuine transition for Valeura as we evolved our business to focus on the Southeast Asia region, where we now own a significant portfolio of cash generating assets. Our financial results reflect the decision to deploy resources toward inorganic growth in Thailand, and thereafter toward the restart of production operations at the Wassana oil field. Looking forward, we are excited to begin demonstrating the results of operations from our extensive oil producing portfolio. Through our first week of operations following completion of the Mubadala Acquisition, oil production has averaged approximately 21,500 barrels per day (net to Valeura's interest), slightly above the October 2022 rates that we announced upon agreeing to the deal in December, and a reflection of the ongoing opportunity to keep growing through investment."
Current stock price: CAD3.04
12-month change: multiplied from CAD0.45
By Heather Rydings, Alliance News senior economics reporter
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