Valeura Energy Inc Announces First Quarter 2026 Results

Rhea-AI Summary

Valeura Energy (OTCQX:VLERF) reported Q1 2026 results, with oil production of 2.0 million bbls, averaging 22,326 bbls/d, and oil sales of 1.4 million bbls, increasing crude inventory. Adjusted opex was US$25.4/bbl, operating costs US$15.6/bbl, and adjusted cashflow from operations US$21.3 million. The company bought the Manora Princess FSO for US$15.5 million and held net cash of US$261.6 million with no debt. In April 2026, Valeura recorded monthly oil sales of 0.82 mmbbls at US$110.4/bbl, generating US$90.3 million revenue, and committed to a US$7 million Nong Yao expansion and a three‑year jack‑up rig charter.

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Positive

• Q1 2026 oil production of 2.0 million bbls, 22,326 bbls/d
• Adjusted operating expenses of US$25.4/bbl; operating costs US$15.6/bbl
• Adjusted cashflow from operations of US$21.3 million
• Net cash position of US$261.6 million with no debt
• April 2026 revenue of US$90.3 million from 0.82 mmbbls at US$110.4/bbl
• US$7 million project to add four well slots at Nong Yao A platform
• Purchase of Manora Princess FSO for US$15.5 million to support operations
• Three‑year charter of Shelf Drilling Enterprise jack‑up rig securing drilling capacity

Negative

• Q1 2026 realised oil prices of US$66.2/bbl, below April’s US$110.4/bbl level

News Market Reaction – VLERF

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On the day this news was published, VLERF declined 1.17%, reflecting a mild negative market reaction.

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CALGARY, AB / ACCESS Newswire / May 14, 2026 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or the "Company") reports its unaudited financial and operating results for the three month period ended 31 March 2026.

The complete quarterly reporting package for the Company, including the unaudited financial statements (the "Interim Financial Statement") and associated management's discussion and analysis ("MD&A") are being filed on SEDAR+ at www.sedarplus.ca and posted the Company's website at www.valeuraenergy.com.

Highlights

• Oil production of 2.0 million bbls, averaging 22,326 bbls/d⁽¹⁾;

• Oil sales of 1.4 million bbls, resulting in an increase in crude oil inventory;

• Adjusted opex⁽²⁾ of US$25.4/bbl, in line with the Company's guidance expectations and operating costs of US$15.6/bbl⁽³⁾;

• Adjusted cashflow from operations⁽²⁾ of US$21.3 million;

• Purchased the Manora Princess floating storage and offloading ("FSO") vessel for US$15.5 million; and

• Net cash of US$261.6 million⁽⁴⁾, with no debt.

Subsequent to Q1 2026

• Record monthly oil sales in April 2026 of 0.82 mmbbls at an average realised price of US$110.4/bbl, resulting in US$90.3 million in revenue;

• Announced a US$7 million project to add four additional well slots to the Nong Yao A platform; and

• Chartered the Shelf Drilling Enterprise jack-up drilling rig for a term of three years.

(1) Working interest share production before royalties.

(2) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section.

(3) Operating cost divided by production.

(4) Includes restricted cash.

Dr. Sean Guest, President and CEO commented:

"Our Q1 2026 performance demonstrates the resilience of our portfolio. We generated positive cash flow from operations, even with oil sales only from two months of the quarter, and at relatively low realised prices of US$66.2/bbl. While we are pleased with this outcome, we are excited by the potential of Q2, which we believe is poised for a very strong financial performance. As a result of the potential March sales being deferred into the higher oil price environment in April, we generated revenue of US$90.3 million in April, nearly as much as our total revenue for Q1.

While we have no control over global benchmark oil prices, we do have control over our operations, and on that front, we have recorded another strong performance, with both operating costs and production outcomes exactly in line with our guidance expectations.

We are also remaining nimble with our work programme, and have moved swiftly to set ourselves up for more drilling in the near term, both by way of a long-term contract to charter the Enterprise drilling rig, and by expanding our Nong Yao facility to expedite drilling on what is our most profitable field.

We remain focused on growing our business too. That includes progressing both exploration and development planning work in relation to our large farm-in blocks G1/65 and G3/65 where we are earning a 40% working interest⁽¹⁾. At the same time we continue to pursue a suite of inorganic opportunities, guided always by the principle of adding value for our stakeholders through growth."

(1) Transfer of interest subject to Thailand government approval.

Click on, or paste the following link into your web browser, to view the full announcement text:

http://www.rns-pdf.londonstockexchange.com/rns/3214E_1-2026-5-14.pdf

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Valeura Energy Inc.

View the original press release on ACCESS Newswire

FAQ

What were Valeura Energy’s (VLERF) key production results for Q1 2026?

Valeura Energy reported Q1 2026 oil production of 2.0 million barrels, averaging 22,326 bbls/d. According to Valeura Energy, this reflects its working interest share before royalties and aligns with prior operational guidance on production levels and field performance.

How much cash did Valeura Energy (VLERF) generate from operations in Q1 2026?

Valeura Energy reported adjusted cashflow from operations of US$21.3 million for Q1 2026. According to Valeura Energy, this was achieved despite oil sales occurring over only two months of the quarter and at realised prices of US$66.2 per barrel.

What was Valeura Energy’s net cash and debt position at the end of Q1 2026?

Valeura Energy ended Q1 2026 with net cash of US$261.6 million and no debt. According to Valeura Energy, this net cash figure includes restricted cash and supports ongoing projects, drilling plans, and potential inorganic growth opportunities.

How strong were Valeura Energy’s April 2026 oil sales compared with Q1 2026?

In April 2026, Valeura Energy achieved record monthly oil sales of 0.82 mmbbls at US$110.4/bbl, generating US$90.3 million revenue. According to Valeura Energy, this April revenue was nearly as much as its total revenue for Q1 2026.

What capital projects did Valeura Energy (VLERF) announce around its Q1 2026 results?

Valeura Energy announced a US$7 million project to add four well slots to the Nong Yao A platform and purchased the Manora Princess FSO for US$15.5 million. According to Valeura Energy, it also chartered the Shelf Drilling Enterprise rig for three years.

How do Valeura Energy’s Q1 2026 operating costs compare with its guidance?

Valeura Energy reported adjusted opex of US$25.4/bbl and operating costs of US$15.6/bbl for Q1 2026. According to Valeura Energy, these cost levels were in line with its guidance expectations and reflect another strong operational performance across its portfolio.

What growth plans did Valeura Energy outline in its Q1 2026 update?

Valeura Energy highlighted near-term drilling using the chartered Enterprise rig and the Nong Yao expansion, plus work on farm-in blocks G1/65 and G3/65. According to Valeura Energy, it is also pursuing inorganic growth opportunities aimed at adding value for stakeholders.