Valeura Energy Inc. Announces Q4 2025 Update and 2026 Guidance
Executive Summary
- Valeira reported record cash of US$305.7 million at year‑end 2025 with no debt and oil production averaging 24,721 bbl/d in Q4 2025 (23,242 bbl/d full‑year).
- Completed a successful drilling campaign on Block B5/27 (nine development wells, 100% success; record‑length horizontal well of 3,875 ft) that lifted production from ~7,300 bbl/d to ~8,600 bbl/d.
- Provided 2026 guidance: mid‑point oil production 21,000 bbl/d, capex/exploration spend US$185 million (≈US$70 M for Wassana redevelopment), and adjusted OPEX US$205 million.
Key Details
- Financial Highlights
- Record cash balance: US$305.7 M (31 Dec 2025).
- No debt outstanding.
- Q4 2025 revenue: US$161.4 M (average price US$64.0/bbl).
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Full‑year 2025 revenue: US$594.4 M (average price US$70.2/bbl).
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Production Metrics
- Q4 2025 oil production: 24,721 bbl/d (working interest share, before royalties).
- Full‑year 2025 average: 23,242 bbl/d.
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Oil sold Q4 2025: 2.523 M bbl, full year 2025: 8.466 M bbl.
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Drilling & Development (Block B5/27)
- Completed 1 deviated + 8 horizontal wells on Jasmine and Ban Yen fields; all completed as producers.
- Production from Block B5/27 rose to ~8,600 bbl/d post‑drill (up from ~7,300 bbl/d).
- Record‑length horizontal well JSB‑28ST2H at 3,875 ft – longest in Gulf of Thailand.
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Use of sidetrack drilling through existing 7" casing and autonomous inflow control devices on all horizontals.
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2026 Guidance
- Oil production (mid‑point): 21,000 bbl/d (working interest share).
- Capex & exploration spend (mid‑point): US$185 M (≈US$70 M for Wassana field redevelopment).
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Adjusted OPEX (mid‑point): US$205 M, includes US$25 M lease spending.
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Wassana Field Redevelopment
- New central processing platform (CPP) ~45% complete, on schedule and budget.
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Target first oil in Q2 2027.
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Deep Gas Play – Türkiye (Devepinar‑1)
- Transatlantic Petroleum re‑entered & hydraulically stimulated well; gas flow ongoing >3 weeks.
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Transatlantic earned a 50% undivided working interest in western portion of lands pending regulator approval.
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Future Work Programme (2026)
- One drill rig contracted Jan–Aug 2026.
- Plan to drill 16 development/appraisal wells on Jasmine, Nong Yao, Manora; plus 2 exploration wells in Thailand.
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Total 2026 capex/exploration budget: US$175‑195 M (including US$70 M for CPP).
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Farm‑in Transaction – PTTEP
- Negotiating to earn 40% non‑operated interest on Blocks G1/65 & G3/65 (Bussabong gas, Nong Yao oil).
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Completion pending Thai government approval expected Q1 2026.
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Upcoming Announcements
- Third‑party reserves/resources evaluation results – H2 Feb 2026.
- Full audited FY 2025 financials – approx. 18 Mar 2026.
Notable Quotes
“We closed out 2025 with strong production performance and an even stronger financial position… our balance sheet now includes over US$300 million in cash, and no debt.” – Dr. Sean Guest, President & CEO
“Our long‑term objective of delivering 20‑25 mbbl/d from our four producing assets remains intact, with this year’s performance expected around 21 mbbl/d… the Wassana field redevelopment is on track for first oil in Q2 2027.” – Dr. Sean Guest, President & CEO