CALGARY, AB / ACCESSWIRE / November 12, 2021 / Valeura Energy Inc. (TSX:VLE)(LSE:VLU) (the "Company" or "Valeura"), an upstream oil and gas company with assets in the Thrace Basin of Turkey, reports its unaudited financial and operating results for the three month period ended September 30, 2021.
Highlights
- Financial position - Cash position of US$41.7 million at September 30, 2021;
- Royalties - Valeura is now due royalty payments in connection with the sale of its conventional gas producing business. Given current gas prices, these are now expected to reach the capped total of US$2.5 million within the coming year; and
- Strategy - Continuing to pursue near-term inorganic growth opportunities and seeking a suitable partner to farm in to the Company's 20 Tcfe unrisked mean prospective resource deep, tight gas play.
Sean Guest, President and CEO commented:
"Our third quarter results demonstrate the stability of our financial position as we continue to pursue our strategy from a position of strength. With no debt, a cash position of US$41.7 million, and a lean organisation, we are aggressively evaluating new business opportunities without putting strain on our balance sheet.
"During the third quarter we have experienced a strengthening in the business environment for global upstream oil and gas investments, with stronger benchmark oil and gas prices. This reinforces our view on the ability for mergers and acquisitions-led growth to contribute meaningful near-term cash flow, and we remain especially focused on those opportunities which also provide the potential for follow-on investment in the medium term.
"We are encouraged by the substantial improvement in European gas market fundamentals, as well. This underscores the inherent long-term value of our 20 Tcfe unrisked mean prospective resource gas play. We also stand to benefit directly from increased gas prices in the near term by the start of royalty payments from the shallow gas producing business we sold earlier this year. We anticipate receiving the full capped maximum royalty payment of $2.5 million within the coming year."
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SOURCE: Valeura Energy Inc.
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