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Valeura Energy Inc
TSX:VLE

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Valeura Energy Inc
TSX:VLE
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Price: 12.85 CAD -12.94% Market Closed
Market Cap: CA$1.4B

Valeura Energy Inc
Investor Relations

Valeura Energy, Inc. engages in the exploration, development and production of petroleum and natural gas in Turkey. The company is headquartered in Calgary, Alberta and currently employs 8 full-time employees. The company went IPO on 2004-02-09. The firm is engaged in the exploration and development of petroleum and natural gas in Turkey. The Company’s land assets are located in the Thrace Basin of Turkey. The company holds both a legal and contractual interest in deeper rights, associated with its deep tight gas play, including the South Thrace and West Thrace Production Leases, as well as a West Thrace Exploration License and two Banarli Exploration Licenses. This includes a total of approximately 0.407 million gross acres (0.337 million net acres). The firm has access to local gas markets via the existing gas transportation infrastructure, for use in testing future deep tight gas appraisal wells.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 19, 2026
AI Summary
Q4 2025

Production: Average 2025 production was 23,200 barrels per day, with near-term low‑cost volume growth expected from Wassana and Nong Yao slot work.

Reserves: 2025 reserves replacement was 192%; over a three‑year window the company reported above 200% replacement and a roughly 2P reserves life index of about 8 years using the higher prior price deck.

Wassana FID: Final investment decision taken in May 2025; facility+installation budget of $120 million, ~56% complete, 40% IRR and payback in under 2 years (economics modeled at ~$60 Brent).

Near-term projects: $7 million program to add four slots to Nong Yao A targeting readiness in November 2026 (wells drillable in Q4 2026) and separate farm‑in (G1/G3) work targeting FID on Bussabong in 2026 and first gas in 2028.

Cash & balance sheet: Generated adjusted cash flow from operations of $247 million in 2025; closed the year with $306 million of cash, debt‑free; CapEx in 2025 was $189 million (of which $44 million to Wassana).

Price windfall: Management stressed current Dubai pricing has recently been materially above Brent (Dubai trading at roughly $40–$50/bbl premium to Brent; recent Dubai levels cited at $150–$160/bbl) and that such spikes would be a significant near‑term cash tailwind.

Capital allocation: Priorities remain organic investment, M&A and then shareholder returns; Board will revisit shareholder returns if elevated prices persist and M&A opportunities are slow to close.

Key Financials
Average daily production
23,200 barrels per day
Reserves replacement ratio (2025)
192%
2P reserves life index
~8 years (using year‑end 2024 price deck)
Wassana project budget (facility + installation)
$120 million
Wassana project economics
40% IRR; payback <2 years (at $60 Brent)
Nong Yao slot program budget
$7 million
Adjusted operating expenditure
$223 million
Operating cost per barrel (including leases)
$26 per barrel
Operating cost per barrel (excluding leases)
$22.4 per barrel
Operating netback
$300 million (~$35.2 per barrel)
Adjusted cash flow from operations
$247 million
Cash balance (end of 2025)
$306 million
CapEx (2025)
$189 million
2024 taxes paid in 2025
$55 million
Tax losses carried forward
$282–$283 million
G1/G3 initial net CapEx (management rough estimate)
~$50 million (net to Valeura for initial two platforms)
Gross production per G1/G3 platform (rough)
~30 million scf/day per platform (gross); ~60 mmscfd gross for two platforms (~10,000 boe/d gross)
Recent Dubai pricing reported by management
$150–$160 per barrel (recent days)
Dubai premium to Brent (recent)
~$40–$50 per barrel premium to Brent (recently reported)
Illustrative incremental cash if Dubai = $150 over next couple years (management estimate)
~$700 million
Earnings Call Recording
Other Earnings Calls

Management

Dr. William Sean Guest B.Sc., Ph.D.
President, CEO & Director
No Bio Available
Mr. Yacine Ben-Meriem
Chief Financial Officer
No Bio Available
Dr. Grzegorz Kulawski
Chief Operating Officer
No Bio Available
Mr. Chih Hao Tang L.L.B.
Executive VP of Corporate, General Counsel & Corporate Secretary
No Bio Available
Dr. Ian Warrilow
Thailand Country Manager
No Bio Available
Mr. Robin James Martin
Vice President of Communications & Investor Relations
No Bio Available

Contacts

Address
ALBERTA
Calgary
Bow Valley Square 1, Suite 1200, 202 - 6th Avenue SW
Contacts
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