Key Highlights
Safe ongoing operations, with oil production averaging 23.0 mbbls/d(1);
Lifting of 2.16 million barrels at an average realised price of US$72.06/bbl (US$2.52/bbl premium to Brent);
Cash position of US$248.3 million, plus a net crude receivable of US$36.7 million;
Successful ten-well drilling campaign at block G11/48, resulting in a production increase to 24.8 mbbls/d(1,2) at quarter-end;
Major offshore acreage expansion through strategic farm-in agreement in the Gulf of Thailand(3); and
Progress on the Wassana field redevelopment project, with construction on schedule.
(1) Average Q3 2025 working interest share oil production, before royalties.(2) Seven-day average to September 30, 2025.(3) Closing is subject to Government of Thailand approval.
Dr. Sean Guest, President and CEO, commented:"Our strong operational performance continued in Q3 2025, including an extensive drilling campaign at our Nong Yao field. Over our three years of Gulf of Thailand operations, we have added material value for shareholders through infill drilling, and the Nong Yao campaign is no exception. Both through accessing new reservoirs and ensuring the optimal sweep of existing production intervals, we continue to add reserves and extend the economic lives of our fields, while also identifying new appraisal targets.
"Moreover, we believe this campaign showcases our world-class operating capabilities, with our new wells accessing reservoirs further from our production facilities than would have been thought possible just a few years ago. Importantly, the new wells and operations across the entire portfolio were executed without any deviation from our high standards of health, safety, and environmental stewardship.
"Our average working interest share oil production before royalties increased to 23.0 mbbls/d during Q3. Toward the end of the quarter, with the new Nong Yao wells online, our rates had risen to approximately 24.8 mbbls/d.
"Our financial position remains strong as well with cash of just under a quarter billion US dollars and no debt. This position handily facilitates our ongoing investments to add further value through growth.
"On that front, we are making good progress on the construction phase of our Wassana redevelopment project, and while still in its early days, the project is on track with our target of first oil in Q2 2027. Separately, this quarter we have taken an exciting step toward shaping the longer-term future of our portfolio by way of a strategic farm-in in the Gulf of Thailand. With gas accumulations already discovered on both the blocks, and within close proximity to infrastructure, we anticipate moving rapidly toward development and gas production. Upon completion, the deal will formalise an important strategic relationship in Thailand which I believe will serve all stakeholders well for many years to come."
Q3 2025 UpdateWorking interest share oil production before royalties averaged 23.0 mbbls/d during Q3 2025, an increase of 6.2% from Q2 2025. Rates reflect the resumption of normal operations at all assets, following planned downtime in Q2 2025. With the addition of production from the Nong Yao infill drilling campaign, completed in late September, working interest share production before royalties over the seven-day period ending September 30, 2025 had increased to an average of 24.8 mbbls/d. With nine months of 2025 production now completed, and an observed up-tick in rates at the end of Q3, the Company anticipates a full year average production outcome within, but at the lower end of, its stated guidance range.
Oil sales totalled 2.16 million bbls during Q3 2025 which was up 8.7% from Q2. In addition, the Company had a total of 0.88 million bbls of oil inventory at September 30, 2025, ready for sale. Price realisations averaged US$72.06/bbl during Q3 2025, a US$2.52/bbl premium over the weighted average Brent crude oil benchmark.
Valeura's cash position at September 30, 2025, was US$248.3 million (with no debt), an increase from the previous quarter end. In addition, cash from three liftings in September, amounting to US$36.7 million net to the Company, is expected to be received in mid-October. As a result, the Company will record a net receivable to that amount to reflect the timing of payment happening in Q4 rather than Q3 2025.
Nong Yao DrillingValeura drilled a total of ten wells in Q3 2025, covering all three of its wellhead infrastructure facilities on the Nong Yao field. The campaign was primarily production-oriented and resulted in the Company's working interest share oil production before royalties from the Nong Yao field increasing from approximately 7,996 bbls/d prior to the first new wells coming on stream, to a recent rate of 11,562 bbls/d, over the seven-day period ending September 30, 2025. The Company anticipates that the reservoirs encountered may add to the ultimate production potential of the Nong Yao field and can thereby further extend its economic life.
Nong Yao AValeura drilled three horizontal development wells from its Nong Yao A wellhead and production facility. All were successful and are on-stream as oil producers. The wells were successfully geosteered on a real-time basis to maximise exposure to the oil-bearing interval of the reservoir, threading narrowly between other reservoir fluids.
Wells NYA-39H and NYA-41ST 1H were drilled as horizontal infill development wells within the H3.0 and H4.4 sand reservoirs, respectively. Both encountered their targets as expected and are now on stream.
Well NYA-40H was drilled ...
