Valeura Energy Inc. Announces Record 2P Reserves, Higher Reserves Life Index
Executive Summary
- Valeira Energy reports record‑high 2P reserves of 57.8 MMbbls and a 2P reserves replacement ratio of 192% for 2025 – the third consecutive year of >200% replacement.
- 2P net present value (NPV₁₀) before tax is US$872 M (after‑tax US$692 M); cash on hand at year‑end 2025 was US$306 M, giving a NAV of ≈US$1 B or C$13 per share.
- The reserves life index (RLI) reached a new record of 7.5 years on a 2P basis, and the company highlighted ongoing farm‑in to Gulf of Thailand blocks G1/65 & G3/65 (subject to approval).
Key Details
- Reserves Highlights (as of 31 Dec 2025)
- Proved (1P): 37.9 MMbbls
- Proved + Probable (2P): 57.8 MMbbls
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Proved + Probable + Possible (3P): 71.2 MMbbls
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Reserves Replacement
- 1P replacement ratio: 166%
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2P replacement ratio: 192% (≈200%) – third year >200%
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Financial Metrics
- 2P NPV₁₀ before tax: US$872 M; after tax: US$692 M
- Year‑end 2025 cash: US$306 M (no debt)
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NAV (cash + 2P after‑tax NPV₁₀): US$997.7 M → C$13 per common share
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Reserves Life Index (RLI) – 7.5 years on a 2P basis (mid‑point of 2026 guidance production ~21 Mbbl/d).
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Field‑Level Reserve Changes (2P, MMbbls)
- Jasmine: +7.4 (total 21.2) – RLI ↑, NPV₁₀ after tax US$177 M
- Manora: +0.4 (total 2.9) – modest increase, NPV₁₀ after tax US$17 M
- Nong Yao: +0.6 (total 13.9) – slight rise, NPV₁₀ after tax US 257 M (down‑price effect)
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Wassana: +7.9 (total 19.7) – strong addition, NPV₁₀ after tax US$240 M
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Contingent Resources (Best Estimate 2C, risked)
- Light/Medium oil: 39.5 MMbbls (risked)
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Heavy oil: 58.9 MMbbls (risked) – conversion of a substantial portion to reserves in 2025.
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Farm‑in Transaction – pending government approval; will grant Valeira a 40% non‑operated working interest in blocks G1/65 & G3/65, volumes to be additive after completion.
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Oil Price Assumptions – Brent price used for 2025 NPV calculations is US$63.9/bbl (≈19% lower than 2024 assumptions).
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Future Disclosures – summary of NSAI 2025 report to Thailand regulator in Feb 2026; full reserves & resources filing with NI 51‑101 and annual information form slated for March 2026.
Notable Quotes
“For the third time in a row we have added approximately double the reserves we produced during the year, achieving a 2P reserves replacement ratio of 192%… our RLI is now at a new record high of 7.5 years.” – Dr. Sean Guest, President & CEO
All figures are as presented in Valeira Energy Inc.’s February 10 2026 press release.