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Valeura Energy Inc. Announces Second Quarter 2021 Results

August 05, 2021 at 02:00 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

CALGARY, AB / ACCESSWIRE / August 5, 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 June 30, 2021.

Highlights

Shallow sale - The Company closed the sale of its conventional gas business on May 26, 2021 and received net sale proceeds of US$16.85 million in cash (including closing working capital and effective date adjustments) plus deferred cash consideration valued at US$1.0 million;
Financial position - Cash position of US$42.6 million at June 30, 2021;
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 second quarter results reflect the close-out operating results from our conventional gas production and financial impact of having completed the sale. In addition to the immediate growth in our cash position to US$42.6 million, with the sale completed we are now entitled to future royalty income and are able to pursue our growth-oriented strategy as a smaller and leaner organisation. This structure sets us up well to evaluate new business opportunities with minimal strain on the balance sheet.

"We continue to be active in evaluating mergers and acquisitions opportunities. Our remit includes an expanded geographic scope, with a focus on regions where the experience of our management team and board gives us a competitive advantage. In all instances, we are committed to only doing transactions which bring near term cash flow, plus the opportunity for material value generation. At the same time, our efforts to find a suitable partner for our deep tight gas appraisal play are continuing, and we believe the 20 Tcfe unrisked mean prospective resource in this play will serve to generate value for shareholders in the longer term."

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/6295H_1-2021-8-4.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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 source version on accesswire.com:
https://www.accesswire.com/658491/Valeura-Energy-Inc-Announces-Second-Quarter-2021-Results