Valeura Energy Inc.

Q1 2024 Operations and Financial Update - Seite 2

Oil sales totalled 1.8 million bbls, during Q1 2023, slightly below the 2.0 million bbls sold during Q4 2023, due to the timing of liftings. At the end of the quarter, the Company held crude oil inventory of 0.9 million bbls, a 31% increase over the end Q4 2023 inventory. It is expected that this increased inventory will be sold in Q2 2024.

Price realisations averaged US$84.6/bbl during Q1 2023, reflecting a US$1.5/bbl premium over the Brent crude oil benchmark, which averaged US$83.1/bbl. Consistent with 2023, price realisations have continued to meet or slightly exceed management's guidance outlook of approximate parity with the Brent benchmark. 

Oil revenue during Q1 2024 was US$149.4 million. After accounting for outflows of cash during the quarter, including operating costs and capital spending in line with the Company's guidance expectations, the Company's cash at bank balance had increased to US$193.6 million at March 31, 2024, which includes US$17.3 million held as restricted cash. Valeura has no debt.

All of the Company's guidance outlook expectations for 2024 are again confirmed.

Category	2024 Guidance
Production	21.5 - 24.5 mbbls/d
Price realisations	Approximately equivalent to the Brent crude oil benchmark
Opex(1)	US$205 - 235 million
Capex(2)	US$135 - 155 million
Exploration Expense	Approximately US$8 million

^{(1)   Represents Adjusted Opex, a Non-IFRS financial measure. For details refer to the "Non-IFRS Financial Measures and Ratios" section with the Company's Management's Discussion and Analysis for the year ended December 31, 2023, dated March 26, 2024.}

^{(2)   Represents Adjusted Capex, a Non-IFRS financial measure. For details refer to the "Non-IFRS Financial Measures and Ratios" section with the Company's Management's Discussion and Analysis for the year ended December 31, 2023, dated March 26, 2024.}

Operations Update

Valeura provided an operations update on March 26, 2024, along with its announcement of results for Q4 and the full year 2023. Since that time, the Company has been conducting an exploration drilling campaign, and will provide an update shortly. Thereafter, later in April 2024, Valeura intends to mobilise its sole contracted drilling rig to the Nong Yao field to commence a development drilling campaign on the Nong Yao C accumulation targeting production rates from the greater Nong Yao area to 11.0 mbbls/d (working interest share, before royalties).