RCS - Valeura Energy Inc. - Record 2P Reserves, Higher Reserves Life Index
10/02/2026 08:15
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RNS Number : 3970S Valeura Energy Inc. 10 February 2026
Record 2P Reserves, Higher Reserves Life Index
Singapore, 10 February 2026: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF)
("Valeura" or the "Company") announces record high proved plus probable ("2P")
reserves, an increase in its 2P reserves life index ("RLI"), and a third
consecutive year of approximately 200% 2P reserves replacement ratio.
Highlights
· Record high proved ("1P") reserves of 37.9 MMbbls, proved plus
probable ("2P") reserves of 57.8 MMbbls, and proved plus probable plus
possible ("3P") reserves of 71.2 MMbbls;
· Adding, not just replacing reserves, with a 2P reserves replacement
ratio of 192%;
· 2P reserves net present value ("NPV(10)") before tax of US$872
million and US$692 million on an after tax basis((1));
· Year-end 2025 cash position of US$306 million, and a net asset value
("NAV") of US$998 million, equating to approximately C$13 per common
share((2));
· RLI increased to a new record of 7.5 years, on a 2P basis((3)); and
· Above volumes and values do not include the recent farm-in to blocks
G1/65 and G3/65 in the Gulf of Thailand, which will be additive upon
completion((4)) (the "Farm-in Transaction").
(1) Discounted at 10% ("NPV(10)")
(2) 2P NPV(10) after tax plus cash of US$305.7 million (no debt), using
US$/C$ exchange rate of 1.3722 and 105.5 million common shares of the Company
(the "Common Shares") outstanding, as at 31 December 2025
(3) Based on 2P reserves divided by the mid-point of the Company's 2026
guidance production of 21 Mbbls/d
(4) Subject to government approval
Dr. Sean Guest, President and CEO commented:
"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%. This outcome is especially strong given the sharp drop in oil prices
in 2025, meaning our reserves were evaluated at a forward price much lower
than in the prior year.
We are committed to seeing through the volatility in the global commodity
market and have maintained our focus on adding to the ultimate potential and
longevity of our portfolio. This is reflected in an improvement to our RLI,
which is now at a new record high of 7.5 years (based on 2P reserves and
anticipated 2026 production). Our RLI has increased steadily over the three
years we have been operating in Thailand, and we see this as affirmation of
our ability to add more years of future cash flow, for the benefit of all
stakeholders.
The net asset value of our business, defined as year-end cash plus our 2P net
revenue (NPV(10)), is US$1 billion which equates to approximately C$13/Common
Share.
We are mindful of the concept of portfolio renewal and therefore continue to
focus on contingent resources as well, which provides the feedstock for future
reserves additions. We believe our decision to redevelop the Wassana field
is an excellent example of this progression. At the same time, we have added
more volumes through life-extending work with our Jasmine licence and through
ongoing drilling success across the portfolio. In addition, upon completion
of our strategic Farm-in Transaction to blocks G1/65 and G3/65 in the Gulf of
Thailand, these new volumes will be additive to the volumes we have reported
today.
We believe our year-end 2025 reserves and resources demonstrate our ability to
drive deeper and longer-lived value from our assets, even when faced with a
correction in commodity prices. I believe this underscores both the
robustness of our portfolio and the relentless commitment to value shared by
our world class team."
Independent Reserves and Resources Evaluation
Valeura commissioned Netherland, Sewell & Associates, Inc. ("NSAI") to
assess reserves and resources for all of its Thailand assets as of 31 December
2025. NSAI's evaluation is presented in a report dated 09 February 2026 (the
"NSAI 2025 Report"). This follows previous evaluations conducted by NSAI for
the previous three years ended 31 December 2024 (the "NSAI 2024 Report"), 31
December 2023 (the "NSAI 2023 Report"), and 31 December 2022.
NSAI 2025 Report: Oil and Gas Reserves by Field Based on Forecast Prices and
Costs
Reserves by Field Gross (Before Royalties) Reserves, Working Interest Share (Mbbls)
Jasmine (Light/Med.) Manora (Light/Med.) Nong Yao (Light/Med.) Wassana (Heavy) Total
Proved Producing Developed 6,465 1,557 4,751 1,319 14,091
Non-Producing Developed 1,413 77 153 432 2,074
Undeveloped 3,301 842 3,823 13,753 21,719
Total Proved (1P) 11,179 2,476 8,726 15,504 37,884
Total Probable (P2) 10,032 469 5,193 4,201 19,896
Total Proved + Probable (2P) 21,211 2,945 13,919 19,705 57,780
Total Possible (P3) 6,295 475 4,120 2,569 13,459
Total Proved + Probable + Possible (3P) 27,506 3,420 18,039 22,274 71,238
Summary of Reserves Replacement, Value, and Field Life
Valeura added volumes within the 1P, 2P, and 3P categories in 2025. As
compared to the NSAI 2024 Report, the NSAI 2025 Report indicates an increase
of 5.6 MMbbls of proved (1P) reserves and 7.8 MMbbls of proved plus probable
(2P) reserves, after having produced 8.5 MMbbls of oil in 2025. This implies
a 1P reserves replacement ratio of 166% and a 2P reserves replacement ratio of
192%. 2025 was the Company's third consecutive year of recording new
reserves additions well in excess of volumes produced. The Company's
reserves replacement ratio on a 2P basis was 245% in 2024 and 218% in 2023.
Valeura's RLI has increased for a third year in a row. Based on the
mid-point of the Company's 2026 production guidance of 19.5 - 22.5 Mbbls/d
(21.0 Mbbls/d), on a 2P reserves basis as of 31 December 2025, the Company
estimates its RLI to be approximately 7.5 years. This represents an increase
from the Company's RLI of 5.6 years as at 31 December 2024 and 4.5 years as at
31 December 2023 (calculated on the same basis).
While the 2025 2P reserves increased relative to 2024, the revenue and NPV(10)
associated with these reserves is slightly lower than 2024. This reduction
in value is driven by the significant drop in benchmark oil prices in 2025,
causing NSAI to use a much lower oil price forecast in their year-end 2025
evaluation. The Company estimates that, based on the 2P net present value of
estimated future revenue after income taxes in the NSAI 2025 Report (based on
a 10% discount rate), plus the Company's 2025 year-end cash position of
US$305.7 million, the Company has a 2P NAV of US$997.7 million. Using the
year-end count of Common Shares outstanding (being 105,535,429 Common Shares)
and 31 December 2025 foreign currency exchange rates (which reflects a
stronger Canadian dollar), Valeura's NAV equates to approximately C$13/Common
Share.
NAV Estimate 1P NPV(10) 2P NPV(10) 3P NPV(10)
Before Tax After Tax Before Tax After Tax Before Tax After Tax
NPV(10) (US$ million) 401.1 370.6 871.9 692.0 1,304.6 947.9
Cash at 31 December 2025 (US$ million) ((1)) 305.7 305.7 305.7 305.7 305.7 305.7
Net Asset Value (US$ million) 706.8 676.3 1,177.6 997.7 1,610.3 1,253.6
Common shares (million) ((2)) 105.5 105.5 105.5 105.5 105.5 105.5
Estimated NAV per basic share (C$ per share) ((3)) 9.2 8.8 15.3 13.0 20.9 16.3
(1) Cash at 31 December 2025 of US$305.7 million
(2) Issued and outstanding Common Shares as at 31 December 2025
(3) US$/C$ exchange rate of 1.3722 at 31 December 2025
The NSAI 2025 Report indicates a further extension in the anticipated end of
field life for the Jasmine, Wassana and Manora fields, and a slight reduction
in the anticipated end of field life for the Nong Yao field.
Fields Gross (Before Royalties) 2P Reserves, End of Field Life 2P NPV10 After Tax
Working Interest Share
(US$ million)
31 December 2024 (MMbbls) 2025 Production (MMbbls) Additions (MMbbls) 31 December 2025 (MMbbls) Reserves Replacement Ratio (%) NSAI 2024 Report NSAI 2025 Report 31 December 2024 31 December 2025
Jasmine 16.8 (3.0) 7.4 21.2 249% Aug-31 Oct-34 163.9 177.2
Manora 3.4 (0.8) 0.4 2.9 47% Apr-30 Aug-31 45.7 17.2
Nong Yao 16.9 (3.6) 0.6 13.9 16% Dec-33 Sep-33 416.1 257.4
Wassana 12.9 (1.2) 7.9 19.7 686% Dec-35 Dec-41 126.6 240.1
Total 50.0 (8.5) 16.3 57.8 192% 752.2 692.0
2P reserves by field, and their associated after-tax 2P NPV(10) values are
indicated below. The year-on-year change between the NSAI 2024 Report and
NSAI 2025 Report indicates an increase in both 2P reserves volumes and the
associated after-tax value for both the Jasmine and Wassana fields, reflecting
the conversion of 2C resources to 2P reserves in both instances, bolstered in
particular by the Company's decision to proceed with redevelopment of the
Wassana field, for which the final investment decision was announced in May
2025.
Reserves volumes and associated after-tax 2P values for the Manora and Nong
Yao fields have decreased between the NSAI 2024 Report and NSAI 2025 Report,
driven primarily by the significantly reduced forecast oil pricing applied in
the year-end 2025 evaluation vs the year-end 2024 evaluation. In the case of
Nong Yao, the year-on-year decline in NPV(10) is also influenced by the
valuation "roll-forward" effect: following the field's expansion in 2024, Nong
Yao delivered strong production in 2025, effectively bringing forward and
monetising a meaningful portion of the value previously reflected in NSAI 2024
Report. This value realisation was partially offset by reserves replacement
at Nong Yao, with NSAI reporting additions during 2025 that helped replenish
the reserve base and support ongoing field life.
Fields Gross (Before Royalties) 2P Reserves, 2P NPV(10) After Tax (US$ million)
Working Interest Share (MMbbls)
31 December 2023 31 December 2024 31 December 2025 31 December 2023 31 December 2024 31 December 2025
Jasmine 10.4 16.8 21.2 81.8 163.9 177.2
Manora 2.2 3.4 2.9 21.2 45.7 17.2
Nong Yao 12.4 16.9 13.9 185.6 416.1 257.4
Wassana 12.9 12.9 19.7 139.9 126.6 240.1
Total 37.9 50.0 57.8 428.5 752.2 692.0
Near-term forecast oil prices in the NSAI 2025 Report are 19% lower than in
the NSAI 2024 Report. The Brent crude oil reference prices used in
estimating the future net revenue from oil reserves have been revised downward
in accordance with the Canadian Oil and Gas Evaluation Handbook requirements,
which mandates the use of forward curve prices in near-term forecasts.
Report Brent crude oil reference price for the year ended
31 December 2026 31 December 2027 31 December 2028 31 December 2029 31 December 2030 Thereafter
NSAI 2024 Report (US$/bbl) 78.51 79.89 81.82 83.46 85.13 2% inflation
NSAI 2025 Report (US$/bbl) 63.92 69.13 74.36 76.10 77.62 2% inflation
Difference (US$/bbl) (14.59) (10.76) (7.46) (7.36) (7.51) -
Difference (%) (19%) (13%) (9%) (9%) (9%) (9%)
Net present values of future net revenue from oil reserves are based on cost
estimates as of the date of the NSAI 2025 Report, and the forecast Brent crude
oil reference prices as indicated above. Specific price forecasts for each
of the Company's fields are adjusted for oil quality and market differentials,
as guided by actual recent price realisations for each of the fields' crude
oil sales.
All estimated costs associated with the eventual decommissioning of the
Company's fields are included as part of the calculation of future net
revenue. As in previous years, this can result in a negative future net
revenue estimate for the 1P Proved Producing Developed category as these most
conservative volumes are encumbered with the entire decommissioning cost for
the field.
Future Net Revenue by Field Before Tax NPV(10) (US$ million)
Jasmine (Light/Med.) Manora (Light/Med.) Nong Yao (Light/Med.) Wassana (Heavy) Total
Proved Producing Developed (53.7) (8.1) 25.7 34.3 (70.5)
Non-Producing Developed 63.6 4.5 7.0 20.0 95.2
Undeveloped (5.4) 3.4 98.6 279.8 376.4
Total Proved (1P) 4.4 (0.2) 131.3 265.5 401.1
Total Probable (P2) 222.5 18.9 177.4 52.0 470.8
Total Proved + Probable (2P) 226.9 18.7 308.7 317.6 871.9
Total Possible (P3) 201.6 19.4 150.5 61.2 432.7
Total Proved + Probable + Possible (3P) 428.6 38.2 459.1 378.8 1,304.6
Future Net Revenue by Field After Tax NPV(10) (US$ million)
Jasmine (Light/Med.) Manora (Light/Med.) Nong Yao (Light/Med.) Wassana (Heavy) Total
Proved Producing Developed (59.0) (8.1) 25.7 (34.3) (75.8)
Non-Producing Developed 58.9 4.5 7.0 20.0 90.5
Undeveloped 2.5 3.4 97.1 253.0 356.0
Total Proved (1P) 2.4 (0.2) 129.7 238.7 370.6
Total Probable (P2) 174.9 17.4 127.7 1.4 321.3
Total Proved + Probable (2P) 177.2 17.2 257.4 240.1 692.0
Total Possible (P3) 124.5 14.7 92.4 24.3 255.9
Total Proved + Probable + Possible (3P) 301.7 31.9 349.8 264.4 947.9
Contingent Resources
NSAI assessed the Company's contingent resources of its Thailand assets for
additional reservoir accumulations and reported estimates in the NSAI 2025
Report, as it has done in each of the preceding three years. Contingent
resources are heavy crude oil and light/medium crude oil, and are further
divided into three subcategories, being Development Unclarified, Development
Not Viable, and Development on Hold (see oil and gas advisories). Each
subcategory is assigned a percentage risk, reflecting the estimated chance of
development. Aggregate totals are provided below.
Contingent Resources NSAI 2023 Report NSAI 2024 Report NSAI 2025 Report
Gross (Before Royalties) Working Interest Share
Gross (Before Royalties) Working Interest share
Gross (Before Royalties) Working Interest Share
Unrisked (MMbbls) Risked (MMbbls) Unrisked (MMbbls) Risked (MMbbls) Unrisked (MMbbls) Risked (MMbbls)
Low Estimate (1C) 15.2 6.5 29.4 9.2 29.9 10.3
Best Estimate (2C) 19.9 8.9 48.5 13.5 39.5 7.0
High Estimate (3C) 27.9 11.6 72.1 18.0 58.9 8.9
During 2025, Valeura successfully converted a substantial portion of its Best
Estimate (2C) Contingent Resources to Reserves.
The above Contingent Resources do not include any resources from the Farm-in
Transaction, where Valeura expects to earn a 40% non-operated working interest
in Gulf of Thailand blocks G1/65 and G3/65. The Farm-in Transaction is
subject to government approval, which is anticipated in due course, following
completion of Thailand's general election.
Further Disclosure
Valeura intends to disclose a summary of the NSAI 2025 Report to Thailand's
upstream regulator later in February 2025. Thereafter, the Company will
publish its estimates of reserves and resources in accordance with the
requirements of National Instrument 51-101 - Standards of Disclosure for Oil
and Gas Activities along with its annual information form for the year ended
31 December 2025, in March 2026.
For further information, please contact:
Valeura Energy Inc. (General Corporate
Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com (mailto:Contact@valeuraenergy.com)
Valeura Energy Inc. (Investor and Media
Enquiries) +1 403 975 6752 / +44 7392
940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com (mailto:IR@valeuraenergy.com)
Contact details for the Company's advisors, covering research analysts and
joint brokers, including Auctus Advisors LLP, Beacon Securities Limited,
Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital
Corporation, Roth Canada Inc., and Stifel Nicolaus Europe Limited, are listed
on the Company's website at
www.valeuraenergy.com/investor-information/analysts/.
About the Company
Valeura Energy Inc. is a Canadian public company engaged in the exploration,
development and production of petroleum and natural gas in Thailand and in
Türkiye. The Company is pursuing a growth-oriented strategy and intends to
re-invest into its producing asset portfolio and to deploy resources toward
further organic and inorganic growth in Southeast Asia. Valeura aspires toward
value accretive growth for stakeholders while adhering to high standards of
environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at
www.sedarplus (http://www.sedarplus) .ca.
Oil and Gas Advisories
Reserves and contingent resources disclosed in this news release are based on
an independent evaluation
conducted by the incumbent independent petroleum engineering firm, NSAI with
an effective date of 31 December 2025. The NSAI estimates of reserves and
resources were prepared using guidelines outlined in the Canadian Oil and Gas
Evaluation Handbook and in accordance with National Instrument 51-101 -
Standards of Disclosure for Oil and Gas Activities. The reserves and
contingent resources estimates disclosed in this news release are estimates
only and there is no guarantee that the estimated reserves and contingent
resources will be recovered.
This news release contains a number of oil and gas metrics, including "NAV",
"reserves replacement ratio", "RLI", and "end of field life" which do not have
standardised meanings or standard methods of calculation and therefore such
measures may not be comparable to similar measures used by other companies.
Such metrics are commonly used in the oil and gas industry and have been
included herein to provide readers with additional measures to evaluate the
Company's performance; however, such measures are not reliable indicators of
the future performance of the Company and future performance may not compare
to the performance in previous periods.
"NAV" is calculated by adding the estimated future net revenues based on a 10%
discount rate to net cash, (which is comprised of cash less debt) as of 31
December 2025. NAV is expressed on a per share basis by dividing the total by
basic Common Shares outstanding. NAV per share is not predictive and may not
be reflective of current or future market prices for Valeura.
"Reserves replacement ratio" for 2025 is calculated by dividing the difference
in reserves between the NSAI 2025 Report and the NSAI 2024 Report, plus actual
2025 production, by the assets' total production before royalties for the
calendar year 2025.
"RLI" is calculated by dividing reserves by management's estimated total
production before royalties for 2026.
"End of field life" is calculated by NSAI as the date at which the monthly net
revenue generated by the field is equal to or less than the asset's operating
cost.
Reserves
Reserves are estimated remaining quantities of commercially recoverable oil,
natural gas, and related substances anticipated to be recoverable from known
accumulations, as of a given date, based on the analysis of drilling,
geological, geophysical, and engineering data, the use of established
technology, and specified economic conditions, which are generally accepted as
being reasonable. Reserves are further categorised according to the level of
certainty associated with the estimates and may be sub-classified based on
development and production status.
Proved reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves.
Developed reserves are those reserves that are expected to be recovered from
existing wells and installed facilities or, if facilities have not been
installed, that would involve a low expenditure (e.g., when compared to the
cost of drilling a well) to put the reserves on production.
Developed producing reserves are those reserves that are expected to be
recovered from completion intervals open at the time of the estimate. These
reserves may be currently producing or, if shut in, they must have previously
been on production, and the date of resumption of production must be known
with reasonable certainty.
Developed non-producing reserves are those reserves that either have not been
on production, or have previously been on production, but are shut in, and the
date of resumption of production is unknown.
Undeveloped reserves are those reserves expected to be recovered from known
accumulations where a significant expenditure (e.g., when compared to the cost
of drilling a well) is required to render them capable of production. They
must fully meet the requirements of the reserves classification (proved,
probable, possible) to which they are assigned.
Probable reserves are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves.
Possible reserves are those additional reserves that are less certain to be
recovered than probable reserves. It is unlikely that the actual remaining
quantities recovered will exceed the sum of the estimated proved plus probable
plus possible reserves. There is a 10% probability that the quantities
actually recovered will equal or exceed the sum of the estimated proved plus
probable plus possible reserves.
The estimated future net revenues disclosed in this news release do not
necessarily represent the fair market value of the reserves associated
therewith.
The estimates of reserves and future net revenue for individual properties may
not reflect the same confidence level as estimates of reserves and future net
revenue for all properties, due to the effects of aggregation.
Contingent Resources
Contingent resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more
contingencies. Contingencies are conditions that must be satisfied for a
portion of contingent resources to be classified as reserves that are: (a)
specific to the project being evaluated; and (b) expected to be resolved
within a reasonable timeframe.
Contingent resources are further categorised according to the level of
certainty associated with the estimates and may be sub‐classified based on a
project maturity and/or characterised by their economic status. There are
three classifications of contingent resources: low estimate, best estimate and
high estimate. Best estimate is a classification of estimated resources
described in the Canadian Oil and Gas Evaluation Handbook as the best estimate
of the quantity that will be actually recovered; it is equally likely that the
actual remaining quantities recovered will be greater or less than the best
estimate. If probabilistic methods are used, there should be at least a 50
percent probability that the quantities actually recovered will equal or
exceed the best estimate.
The project maturity subclasses include development pending, development on
hold, development unclarified and development not viable. The contingent
resources disclosed in this news release are classified as either development
unclarified, development not viable, or development on hold.
Development unclarified is defined as a contingent resource that requires
further appraisal to clarify the potential for development and has been
assigned a lower chance of development until commercial considerations can be
clearly defined. Chance of development is the likelihood that an accumulation
will be commercially developed.
Conversion of the development unclarified resources referred to in this news
release is dependent upon (1) the expected timetable for development; (2) the
economics of the project; (3) the marketability of the oil and gas production;
(4) the availability of infrastructure and technology; (5) the political,
regulatory, and environmental conditions; (6) the project maturity and
definition; (7) the availability of capital; and, ultimately, (8) the decision
of joint venture partners to undertake development.
The major positive factor relevant to the estimate of the contingent
development unclarified resources referred to in this news release is the
successful discovery of resources encountered in appraisal and development
wells within the existing fields. The major negative factors relevant to the
estimate of the contingent development unclarified resources referred to in
this news release are: (1) the outstanding requirement for a definitive
development plan; (2) current economic conditions do not support the resource
development; (3) limited field economic life to develop the resources; and (4)
the outstanding requirement for a final investment decision and commitment of
all joint venture partners.
Development not viable is defined as a contingent resource where no further
data acquisition or evaluation is currently planned and hence there is a low
chance of development, there is usually less than a reasonable chance of
economics of development being positive in the foreseeable future. The major
negative factors relevant to the estimate of development not viable referred
to in this news release are: (1) current economic conditions do not support
the resource development; and (2) availability of technical knowledge and
technology within the industry to economically support resource development.
Development on hold is defined as a contingent resource where there is a
reasonable chance of development, but there are contingencies to be resolved
before the project can move forward.
If these contingencies are successfully addressed, some portion of these
contingent resources may be reclassified as reserves.
Of the best estimate 2C contingent resources estimated in the NSAI 2025
Report, on a risked basis: 63% of the estimated volumes are light/medium crude
oil, with the remainder being heavy oil; 42% are categorised as Development
Unclarified, with the remainder being Development Not Viable. Development
Unclarified 2C resources have been assigned an average chances of development
for the four fields ranging from 5% to 85%, while 2C Development Not Viable
resources have been assigned an average chance of development ranging from 10%
to 15%.
Contingent resources within the Development on hold category are only in the
1C certainty estimate (low or conservative). The main contingencies are
licence extensions and continuation of drilling beyond five years. These
contingencies are considered to have a high chance of positive resolution and
are therefore not applied in the best estimates of respective reserves and
resources (2P and 2C).
Resources Project Maturity subclass Light and Medium Crude Oil (Development Unclarified) Chance of Development (%)
Unrisked Risked
Gross (Mbbls) Net (Mbbls) Gross (Mbbls) Net (Mbbls)
Contingent Low Estimate (1C) Development Unclarified 1,812 1,698 380 355 10% - 85%
Contingent Best Estimate (2C) Development Unclarified 2,334 2,190 528 494 10% - 85%
Contingent High Estimate (3C) Development Unclarified 3,418 3,216 793 744 10% - 85%
Resources Project Maturity subclass Heavy Crude Oil (Development Unclarified) Chance of Development (%)
Unrisked Risked
Gross (Mbbls) Net (Mbbls) Gross (Mbbls) Net (Mbbls)
Contingent Low Estimate (1C) Development Unclarified 4,163 3,924 1,836 1,730 5% - 60%
Contingent Best Estimate (2C) Development Unclarified 6,006 5,661 2,393 2,256 5% - 60%
Contingent High Estimate (3C) Development Unclarified 9,324 8,788 3,149 2,968 5% - 60%
Resources Project Maturity subclass Light and Medium Crude Oil (Development Not Viable) Chance of Development (%)
Unrisked Risked
Gross (Mbbls) Net (Mbbls) Gross (Mbbls) Net (Mbbls)
Contingent Low Estimate (1C) Development Not Viable 16,808 15,460 2,521 2,319 5% - 15%
Contingent Best Estimate (2C) Development Not Viable 30,057 27,577 3,870 3,552 5% - 15%
Contingent High Estimate (3C) Development Not Viable 45,326 41,543 4,801 4,400 5% - 15%
Resources Project Maturity subclass Heavy Crude Oil (Development Not Viable) Chance of Development (%)
Unrisked Risked
Gross (Mbbls) Net (Mbbls) Gross (Mbbls) Net (Mbbls)
Contingent Low Estimate (1C) Development Not Viable 1,256 1,183 188 178 15%
Contingent Best Estimate (2C) Development Not Viable 1,114 1,050 167 158 15%
Contingent High Estimate (3C) Development Not Viable 847 799 127 120 15%
Resources Project Maturity subclass Light and Medium Crude Oil (Development on Hold) Chance of Development (%)
Unrisked Risked
Gross (Mbbls) Net (Mbbls) Gross (Mbbls) Net (Mbbls)
Contingent Low Estimate (1C) Development on Hold 4,224 3,738 3,850 3,409 90% - 95%
Contingent Best Estimate (2C) Development on Hold - - - - -
Contingent High Estimate (3C) Development on Hold - - - - -
Resources Project Maturity subclass Heavy Crude Oil (Development on Hold) Chance of Development (%)
Unrisked Risked
Gross (Mbbls) Net (Mbbls) Gross (Mbbls) Net (Mbbls)
Contingent Low Estimate (1C) Development on Hold 1,659 1,564 1,506 1,420 90% - 95%
Contingent Best Estimate (2C) Development on Hold - - - - -
Contingent High Estimate (3C) Development on Hold - - - - -
The NSAI estimates have been risked, using the chance of development, to
account for the possibility that the contingencies are not successfully
addressed.
Glossary
bbls barrels of oil
Mbbls thousand barrels of oil
MMbbls million barrels of oil
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this news release constitutes forward-looking
information under applicable securities legislation. Such forward-looking
information is for the purpose of explaining management's current expectations
and plans relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes, such as making
investment decisions. Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect", "plan",
"intend", "estimate", "propose", "project", "target" or similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this news release includes, but is not
limited to, management's anticipation that completion of the Farm-in
Transaction will be additive to volumes and values; management's expectation
of receiving governmental approval of the Farm-in Transaction and the timing
thereof; management's continued focus on contingent resources and the
anticipated growth of resources; the ability to add more years of future cash
flow, for the benefit of all stakeholders; the ability to drive deeper and
longer-lived value from the Company's assets, even when faced with a
correction in commodity prices; the Company's anticipated 2026 production
guidance of 19.5 - 22.5 Mbbls/d; dates for the anticipated end of field life
of Valeura's assets; forecast oil prices; the Company's intention to disclose
a summary of the NSAI 2025 Report to Thailand's upstream regulator and the
anticipated timing thereof; and the anticipated filing date of the Company's
annual information form along with its estimates of reserves and resources.
Forward-looking information is based on management's current expectations and
assumptions regarding, among other things: political stability of the areas in
which the Company is operating; continued safety of operations and ability to
proceed in a timely manner; continued operations of and approvals forthcoming
from governments and regulators in a manner consistent with past conduct;
future drilling activity on the required/expected timelines; the prospectivity
of the Company's lands; the continued favourable pricing and operating
netbacks across its business; future production rates and associated operating
netbacks and cash flow; decline rates; future sources of funding; future
economic conditions; the impact of inflation of future costs; future currency
exchange rates; interest rates; the ability to meet drilling deadlines and
fulfil commitments under licences and leases; future commodity prices; the
impact of the Russian invasion of Ukraine; royalty rates and taxes; future
capital and other expenditures; the success obtained in drilling new wells and
working over existing wellbores; the performance of wells and facilities; the
availability of the required capital to funds its exploration, development and
other operations, and the ability of the Company to meet its commitments and
financial obligations; the ability of the Company to secure adequate
processing, transportation, fractionation and storage capacity on acceptable
terms; the capacity and reliability of facilities; the application of
regulatory requirements respecting abandonment and reclamation; the
recoverability of the Company's reserves and contingent resources; future
growth; the sufficiency of budgeted capital expenditures in carrying out
planned activities; the impact of increasing competition; the ability to
efficiently integrate assets and employees acquired through acquisitions;
global energy policies going forward; future debt levels; and the Company's
continued ability to obtain and retain qualified staff and equipment in a
timely and cost efficient manner. In addition, the Company's work programmes
and budgets are in part based upon expected agreement among joint venture
partners and associated exploration, development and marketing plans and
anticipated costs and sales prices, which are subject to change based on,
among other things, the actual results of drilling and related activity,
availability of drilling, offshore storage and offloading facilities and other
specialised oilfield equipment and service providers, changes in partners'
plans and unexpected delays and changes in market conditions. Although the
Company believes the expectations and assumptions reflected in such
forward-looking information are reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and unknown risks and
uncertainties. Exploration, appraisal, and development of oil and natural gas
reserves and resources are speculative activities and involve a degree of
risk. A number of factors could cause actual results to differ materially from
those anticipated by the Company including, but not limited to: the ability of
management to execute its business plan or realise anticipated benefits from
acquisitions; the risk of disruptions from public health emergencies and/or
pandemics; competition for specialised equipment and human resources; the
Company's ability to manage growth; the Company's ability to manage the costs
related to inflation; disruption in supply chains; the risk of currency
fluctuations; changes in interest rates, oil and gas prices and netbacks;
potential changes in joint venture partner strategies and participation in
work programmes; uncertainty regarding the contemplated timelines and costs
for work programme execution; the risks of disruption to operations and access
to worksites; potential changes in laws and regulations, the uncertainty
regarding government and other approvals; counterparty risk; the risk that
financing may not be available; risks associated with weather delays and
natural disasters; and the risk associated with international activity. See
the most recent annual information form and management's discussion and
analysis of the Company for a detailed discussion of the risk factors.
The forward-looking information contained in this new release is made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by applicable
securities laws. The forward-looking information contained in this new release
is expressly qualified by this cautionary statement.
This news release does not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction, including where such offer
would be unlawful. This news release is not for distribution or release,
directly or indirectly, in or into the United States, Ireland, the Republic of
South Africa or Japan or any other jurisdiction in which its publication or
distribution would be unlawful.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
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