Valeura Energy Inc.: Record Reserves and Resources at Year-End 2024: 2P Reserves Replacement Ratio of 245%

Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) has announced impressive results from its third-party independent reserves and resources assessment as at year-end 2024. The company's aggressive work program has led to record high year-end reserves, with 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P), and 60 MMbbl proved plus probable plus possible (3P) reserves. This significant increase in reserves is a testament to Valeura's commitment to driving further organic growth and creating shareholder value.

One of the key highlights of Valeura's 2024 assessment is its 2P reserves replacement ratio of 245%. This means that for every barrel of oil produced, the company added more than two barrels to its reserves. This remarkable feat was achieved even after a 12% annual production increase, demonstrating Valeura's ability to efficiently allocate capital and increase its resource base. The company's 2P reserves replacement ratio of 245% is a clear indication of the success of its aggressive work program, which includes infill development and appraisal drilling, exploration targets, and potential inorganic growth opportunities.

Valeura's focus on organic growth has been instrumental in extending the economic field life of its Thailand fields. All of the company's Thailand fields now have an economic field life lasting beyond 2030, with at least four additional years of production life added to each field since Valeura took over these assets. This means more years of future cash flow and is a prime example of one key element of the company's strategy in action – driving further organic growth. Valeura's net asset value (NAV) is now over US$1 billion, equating to more than C$13.6 per common share, based on its 2P after tax NPV10 increasing by 76% year-on-year, coupled with a new record year-end cash position.

In addition to its organic growth strategy, Valeura is actively evaluating several opportunities to assess fit with its strict screening criteria for inorganic growth. The company sees exciting reserves-adding opportunities ahead through the potential Wassana field redevelopment, as well as through ongoing infill development and appraisal drilling across its portfolio, and the selective exploration targets it will pursue in 2025. This proactive approach to both organic and inorganic growth ensures that Valeura remains focused on allocating capital efficiently and creating value for its shareholders.

In conclusion, Valeura Energy Inc.'s record high year-end reserves, 2P reserves replacement ratio of 245%, and extended economic field life of its Thailand fields are a testament to the company's commitment to driving further organic growth and creating shareholder value. The company's focus on both organic and inorganic growth strategies, combined with its efficient capital allocation, positions Valeura as a strong player in the energy sector. As Valeura continues to execute its aggressive work program and pursue exciting reserves-adding opportunities, investors can expect the company to maintain its momentum and deliver long-term value.