Valeura's production averages 23 Mbbl/d in Q3

Executive Summary

• Valeura reported a Q3 2025 average working‑interest oil production of 23,000 bbl/d, rising to ~24,800 bbl/d after a successful 10‑well drilling campaign at Nong Yao.
• Cash on hand increased to $248.3 M (U.S.) with no debt; a net crude receivable of $36.7 M is expected in Q4.
• The company announced a strategic farm‑in agreement for additional offshore acreage in the Gulf of Thailand and confirmed progress on the Wassana field redevelopment, targeting first oil in Q2 2027.

Key Details

• Production: Average WI share oil production before royalties – 23,000 bbl/d (Q3); peaked at 24,800 bbl/d over the seven‑day period ending Sept 30, 2025.
• Liftings: 2.16 M bbl lifted in Q3 at an average realized price of $72.06/bbl (+$2.52 premium to Brent).
• Cash Position: $248.3 M cash; net crude receivable of $36.7 M expected mid‑October (recorded as a receivable for Q4).
• Drilling Campaign – Nong Yao (10 wells):
• Nong Yao A: 3 horizontal development wells (NYA‑39H, NYA‑41ST 1H, NYA‑40H) all on stream; NYA‑40H encountered additional bypassed oil in shallower reservoirs.
• Nong Yao B: 4 horizontals + 1 appraisal well; production from NYB‑27H, NYB‑28H, NYB‑30H; appraisal NYB‑29 confirmed H8.0 & H8.5 potential; sidetrack NYB‑29ST 1H not completed as producer.
• Nong Yao C: 2 horizontals (NYC‑11H on stream; NYC‑12H provided reservoir insight leading to production uplift from existing wells).
• Well Performance: WI share oil production from Nong Yao increased from ~7,996 bbl/d pre‑drill to 11,562 bbl/d by Sept 30.
• Future Drilling: Contracted rig mobilized to Jasmine field (block B5/27) for up to nine development/appraisal wells.
• Strategic Farm‑in: Agreement with PTT Exploration & Production PLC on blocks G1/65 and G3/65 (40% WI); 1,200 km² of 3‑D seismic acquired; gas discovered at Jarmjuree South (G1/65) and Bussabong (G3/65). Closing pending Thai government approval.
• Wassana Redevelopment: Construction on schedule; new wellhead production facility expected late 2026; first oil targeted for Q2 2027.
• Financial Disclosure Timing: Full unaudited Q3 2025 results to be released Nov 14, 2025 with a management webcast the same day.

Notable Quotes

“Our average working interest share oil production before royalties increased to 23.0 Mbbl/d during Q3… Toward the end of the quarter … rates had risen to approximately 24.8 Mbbl/d.” – Dr. Sean Guest, President & CEO

“The strategic farm‑in in the Gulf of Thailand will formalize an important relationship in Thailand and position us for long‑term gas production.” – Dr. Sean Guest, President & CEO