Third Quarter 2023 Results

Singapore, November 13, 2023: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, reports its unaudited financial and operating results for the three and nine month periods ended September 30, 2023.


Q3 2023 Highlights

  • Oil production of 19,961 bbls/d;
  • Average realised price of US$87.8/bbl;
  • Oil sales of 1.7 million bbls, generating revenue of US$149.4 million;
  • Opex per barrel of US$34.0/bbl(1);
  • Capex of US$36.7 million(1);
  • Adjusted cashflow from operations of US$33.9 million(1);
  • Adjusted EBITDAX of US$67.2 million(1);
  • Debt reduced to US$12.9 million at September 30, 2023, and subsequently to nil(1);
  • Net cash balance of US$103.6 million(1); and
  • All performance metrics in line with expectations resulting in re-iteration of guidance estimates.


Q3 2023 Key Achievements

  • Successfully drilled a total of seven wells, on the Manora, Wassana, and Jasmine oil fields;
  • Drilled two appraisal wells at the Jasmine oil field during Q3 2023 to gather data in support of future development activities.Also began a two-well infill development drilling programme during the quarter, which was completed in October 2023 with production rates contributing 1,600 bbls/d;
  • Drilled three infill wells at the Manora oil field, which have collectively increased production rates and are expected to further extend the anticipated economic life of the asset;
  • Implemented a precautionary suspension of production operations at the Wassana oil field to address safety concerns with a third-party contractor, operating the field’s floating storage and offloading vessel (“FSO”). Meanwhile, drilled two appraisal wells that confirmed the presence of significant additional undeveloped oil volumes in the field;
  • Completed the construction of a three-kilometre pipeline at the Nong Yao field to tie existing infrastructure into a mobile offshore production unit, anticipated to be mobilised to the field in early 2024; and
  • Appointed a Chief Operating Officer and made adjustments to the composition of its board of directors.


Sean Guest, President and CEO of Valeura commented:

“I am pleased to announce another stable quarter of production operations, which underscores the long-term, resilient asset base we have assembled in Thailand.  Ongoing infill drilling is replenishing produced volumes and offsetting natural declines, resulting in oil production rates staying in the 20 thousand bbls/d range.  As a result, we are today re-affirming our 2023 guidance estimates, unchanged.

Cash flow generation remains strong, and has provided us the ability to pay down debt, cover tax payments, fund the cost of ongoing operations, and still record an increase in our net cash position, which at the end of the quarter stood at US$104 million.  We have continued paying down debt into Q4, and I am pleased to report that as of today we are entirely debt-free.

At the same time, a suite of organic growth opportunities is emerging too.  New volumes identified this quarter at our Wassana field are leading to a complete re-imagining of the scale of the field, where we estimate there are at least 20 new development drilling targets.  Meanwhile, we prepare for a major growth phase at our Nong Yao field, which is set to have new infrastructure installed in the early part of next year, leading to a planned 50% increase in production from the field. 

We are continuing to pursue our growth-oriented strategy on all fronts, while adhering to our strict thresholds for value generation.  The mergers and acquisitions market continues to present appealing opportunities and we feel it is prudent to ensure our balance sheet is robust, such that we can transact quickly once opportunities arise. 

Operational excellence is a priority for us as well, and this quarter we have taken deliberate strides required to be a world-class operator. This includes having adjusted our team to add critical operational leadership capabilities, and taking tough decisions to intervene in our Wassana production operations, where safety practices did not meet our high standards.  We will not compromise our approach to ensuring environmental, social, and governance responsibilities as we continue pursuing our strategy to add value through growth.”


Current Quarter Performance Summary Table

Three Months Ending
    September 30, 2023
Oil Production (bbls /d) 19,961
Oil Volumes Sold (‘000 bbls) 1,701
Realised Price (US$/bbl) 87.8
Oil Revenues (US$’000) 149,352
Adjusted EBITDAX (1) (US$’000) 67,163
Adjusted Cashflow from Operation (1) (US$’000) 33,853
Opex (1) (US$’000) 62,410
Capex (1) (US$’000) 36,721
Net earnings/(loss) (US$’000) (6,813)
Weighted average shares outstanding – basic (# ‘000) 101,701
As at
September 30, 2023
Cash & Cash equivalent and Restricted cash (US$’000) 116,542
Debt (1) (US$’000) 12,592
Net Cash (1) (US$’000) 103,691
Adjusted Net Working Capital Surplus (1) (US$’000) 110,258
 (1) Non-IFRS financial measure (defined below) or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section within this news release.


Financial Update

The Company’s Q3 2023 financial performance was influenced by a higher volume of maintenance activity, well workovers, and drilling operations, as planned and included in the Company’s guidance estimates.  This increased activity level applied to the entire portfolio, and included ongoing work at the Wassana oil field where production was offline for the majority of the quarter.  Accordingly, the combined impact of reduced production revenues during a phase of higher planned spending has negatively influenced the Company’s Q3 financial performance.  At the same time, however, the results of drilling activity conducted during Q3 points to significant future development potential, as more fully described below.

During Q3 2023, Valeura sold 1.701 million bbls of crude oil.  The Company recorded oil revenues of US$149.4 million, versus nil in the same quarter of 2022, which was prior to the Company having active production operations.  Sales included 0.777 million bbls of oil held as unsold crude oil inventory at the beginning of the quarter.  As of the end of Q3 2023, the Company’s unsold oil inventory had increased to 0.901 million bbls.  As all of Valeura’s producing assets are offshore and utilise floating storage vessels, oil is recorded as inventory until such time as it is periodically sold as discrete cargoes, and accordingly, sales volumes do not precisely match reported production volumes.  Of this unsold inventory at the end of Q3 2023, approximately 0.34 million bbls was sold within the first ten days of Q4, for additional revenue of US$31.2 million, which will be recognised in Q4 2023.

Valeura’s average realised price for crude oil sales was US$87.8/bbl in Q3 2023, reflecting an average premium to the Brent crude oil benchmark of approximately US$1.3/bbl.  While actual realised prices vary on a field-by-field basis, reflecting each field’s unique crude oil characteristics and market demand, average prices across Valeura’s portfolio are expected to continue to approximate the Brent crude oil benchmark.  The Company currently has no hedging arrangements in place in respect of its crude oil sales.

Operating expenses increased in Q3 2023 largely due to a planned increase in the amount of well workovers and the volume of maintenance and inspection work performed across the portfolio. Valeura reported operating expenses of US$55.3 million in Q3 2023.  Operating expenses include production operations at its Jasmine, Nong Yao, and Manora fields, as well as expenses relating to maintaining the Wassana asset during its precautionary suspension of production operations.  Valeura calculates opex per barrel, a non-standardised measure, to provide a more consistent indication of the cost of field operations, as more fully described above.  Opex during Q3 2023 was US$62.4 million (equating to opex per barrel of US$34.0/bbl), increased from the prior quarter (US$45.6 million, or US$22.7/bbl). As noted above, this increase was planned and was built into the Company’s guidance which remains unchanged from the reduced Opex provided with the Company’s Q2 2023 results. Opex, as opposed to operating expenses, excludes the impact of non-recurring, non-cash items including prior period adjustments relating to inventory movements, operating expenses capitalised to inventory, and adds back lease costs in relation to floating storage and other facilities.

During Q3 2023, the Company generated adjusted cashflow from operations of US$33.9 million.  Valeura’s management believes adjusted cashflow from operations provides a consistent measure of the ongoing cash generative capacity of the business, and hence its ability to continue investing, by adjusting for non-recurring items and non-cash expenses.

Valeura generated adjusted EBITDAX of US$67.2 million in Q3 2023.  Adjusted EBITDAX is a non-standardised variant of EBITDAX, adjusted to remove non-cash items as well as certain non-recurring costs including severance payments and other one-off items in relation to the Company’s recent acquisitions.  The Company reported a comprehensive loss of US$6.8 million in Q3 2023, compared to a comprehensive loss of US$5.2 million in Q3 2022.

As of September 30, 2023, Valeura had cash and cash equivalents of US$116.5 million (including restricted cash of US$16.5 million), compared to US$22.4 million at September 30, 2022, reflecting an inflow of cash as a result of the acquisition of assets from Mubadala Energy just before the end of Q1 2023 in addition to net cash generated thereafter through ongoing production operations, as partially offset by cash tax payments in May and August of 2023.

Valeura incurred a tax expense of US$21.1 million during Q3 2023.  This constitutes an initial installment on taxes payable in respect of its Thai III concessions (relating to the Nong Yao, Manora, and Wassana oil fields), for which petroleum income taxes are paid as an initial installment in August, with the balance due in May of the following year.  Petroleum income taxes in respect of its Thai I concession (relating to the Jasmine oil field) have no preliminary installment requirement, and accordingly are payable in full, in May of the following year.  The Company recorded a deferred tax recovery of US$7.7 million.

The Company had total debt of US$12.6 million (book value) as of September 30, 2023.  The debt liability reflects the Company’s facility arrangements in connection with its Thailand acquisitions, which, as of the end of Q2 2023, totaled US$31.5 million.  During Q3 2023, the Company repaid US$18.9 million of the facility.  Subsequent to the end of Q3 2023, the Company has fully repaid the debt.

As at September 30, 2023, the Company had a net cash balance US$103.7 million which consisted of a cash balance of US$116.5 million and outstanding debt of US$12.9 million (after reversal of accounting provisions).


Operations Update

During Q3 2023, the Company had ongoing production operations on its Jasmine/Ban Yen, Nong Yao, and Manora oil fields, and production operations at the Wassana oil field for the first days of the quarter, prior to implementing a precautionary suspension on July 7, 2023.  Aggregate production averaged 19,961 bbls/d during Q3 2023.  One drilling rig was under contract for the duration of Q3 2023.

Production from the Jasmine/Ban Yen oil field, in Licence B5/27 (100% Valeura) averaged 9,040 bbls/d during Q3 2023.  In September 2023, the Company mobilised its contracted drilling rig to the Jasmine D wellhead platform with the primary objective of drilling two infill wells to further develop the 700 and 680-1 reservoir sands in one of the field’s main fault blocks.  Both wells were successful and, following their completion in October 2023, have resulted in initial flow rates exceeding expectations, with the wells currently contributing nearly 1,600 bbls/d to aggregate production, thereby largely offsetting natural declines.  Prior to drilling the development targets, one of the wellbores was used to drill two sidetracks into appraisal targets to evaluate the potential for late life remaining oil accumulations in already developed reservoirs of other fault blocks in the field.  These sidetracks were completed in Q2 2023, and, while only one of the sidetracks encountered oil-bearing reservoir, the data acquired from both are being incorporated into ongoing reservoir modelling to evaluate the potential for further development opportunities within the field.  In the meantime, the Company has an inventory of approximately 15 additional drilling targets in the Jasmine field, which will be the subject of future drilling campaigns for 2024 and beyond.

Nong Yao oil field production, in Licence G11/48 (90% Valeura working interest) averaged 7,375 bbls/d during Q3 2023 net to Valeura’s interest.  While no new wells were drilled on the Nong Yao oil field during Q3 2023, following the Jasmine drilling programme in October 2023, the rig was mobilised to the Nong Yao A platform where it is currently conducting an infill drilling campaign expected to continue through the remainder of the year.  Separately, the Company is preparing for the expansion of the Nong Yao field, and has completed installation of a three-kilometre pipeline which will connect existing field production infrastructure to a mobile offshore production unit (“MOPU”), which will be used to develop an extension of the field known as Nong Yao C.  Construction work on the MOPU is ongoing and the Company expects the MOPU to mobilise to the field in early Q1 2024 with development drilling planned thereafter.  The Nong Yao C development project is targeting an increase in Nong Yao production from its current rates to approximately 11,000 bbls/d in mid-2024.

Production at the Manora oil field, in Licence G1/48 (70% Valeura working interest) averaged 3,427 bbls/d during Q3 2023 net to Valeura’s interest.  During the quarter, the Company conducted a three well drilling programme which concluded in late July 2023 with all wells having met or exceeded their pre-drill volume estimates.  The new wells are now all on production and are contributing approximately 1,400 bbls/d (net working interest basis).  Importantly, the increased field output includes dry oil contributions from bypassed oil downdip of existing and currently producing wells in one of the field’s deeper reservoir intervals, as well as multiple other attic or bypassed accumulations in the shallower reservoirs.  The results of these wells are being evaluated to assess the potential for further development opportunities.  Accordingly, the Company anticipates that the enhanced volumes from the Manora oil field will result in a further extension to the field’s economic life.

There were only six days of production at the Wassana oil field, in Licence G10/48 (100% Valeura interest) during the period.  The Company implemented a precautionary suspension of production operations on July 7, 2023 to address safety concerns on the field’s third-party operated FSO.  Valeura is transitioning vessel management of the FSO to a new sub-contractor and anticipates restarting production in Q4 2023.  While offline, Valeura conducted several well workovers and drilled two appraisal wells on the flanks of the field, targeting deeper portions of the reservoir as identified on recently reprocessed 3D seismic data.  The wells were successful in proving the presence of oil deeper than previously demonstrated and as a result, the Company has commenced a review of development options to expand the production infrastructure, which could increase production and extend the field life beyond 2030.  Valeura has commissioned a project team to select a suitable development concept for re-development of the field, and anticipates making a final investment decision in 2024.

During Q3 2023, Valeura continued its strong performance in health, safety, and environmental stewardship across its portfolio.  The Company conducted major inspection works at its Jasmine, Manora, and Nong Yao fields, and recorded no material anomalies, thereby confirming that all facilities and subsea assets are in good working order and comply with the Company’s expectations for asset integrity.  At the Wassana field, the Company remains committed to ensuring operations progress in accordance with its high standards for safe operations.  The Company intends to disclose key metrics relating to its environmental, social, and governance performance as a component of an inaugural sustainability report in 2024.

The Company had no active operations in Turkey during Q3 2023 as it continued its search for a farm-in partner to pursue the next phase of work on its tight gas appraisal play in the Thrace basin, where it holds interests ranging from 63% to 100%.


Guidance update

The guidance estimates for the year 2023 are shown in the table below. The guidance remains unchanged, but the Company notes that capital spending is expected to be at the lower end or below the range.

Category 2023 Guidance (Full Year)
Production 20,000 – 22,300 bbls/d
Price realisations Approximately equivalent to the Brent crude oil benchmark
Operating costs* US$200 – 220 million
Capex US$155 – 175 million
* Includes FPSO (defined below) and FSO lease costs

The Company intends to fund its operating costs and capex through cash generated from ongoing operations.  For clarity, all production, operating costs, and capex estimates provided above relate to the full calendar year 2023, and accordingly, include amounts relating to the period prior to completion of the Company’s acquisition of assets from Mubadala Energy, which closed in March 2023.

Valeura intends to provide its guidance estimates for the year 2024 at approximately the end of 2023.



Valeura’s management team will host an investor and analyst webcast at 08:30 Calgary / 15:30 London / 22:30 Bangkok / 23:30 Singapore today, November 13, 2023, to discuss today’s announcement.  The live audio and video feed can be accessed via the link below.  Written questions may be submitted through the webcast system or by email to

Webcast link:

An audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

Conference ID: 926 170 598#

Dial-in numbers:

Canada: 833-845-9589
Singapore: +65 6450 6302
Thailand: +66 2 026 9035
Turkey: 00800142034779
UK: 0800 640 3933
USA: 833-846-5630


For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries)               +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO

Valeura Energy Inc. (Investor Enquiries)                               +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations

Auctus Advisors LLP (Corporate Broker to Valeura)             +44 (0) 7711 627 449
Jonathan Wright

CAMARCO (Public Relations, Media Adviser to Valeura)     +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg


About the Company

Valeura Energy Inc. is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Turkey.  The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia.  Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social, and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to: Valeura’s longer term outlook for growth remaining positive; the production, price realisations, operating costs and capital spending guidance for 2023; the Company’s expectation that recent drilling results at the Manora field further extended the anticipated economic life of the asset; anticipated timing to mobilise a mobile offshore production unit to the Nong Yao field and to conduct development drilling thereafter, leading to a planned 50% increase in output; the amount of additional infill drilling targets at the Jasmine field; the timing to restart production at the Wassana field, the ability for a re-development of the field to result in increased production and an to extend the field life beyond 2030, as well as anticipated timing to make a final investment decision in respect of such re-development; the Company continuing to fund its operating costs and capital spending through cash generated from ongoing operations; and the Company’s intent to present environmental, social, and governance performance metrics as part of an inaugural sustainability report in 2024.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this new release is expressly qualified by this cautionary statement.

Non-IFRS Financial Measures and Ratios

This news release includes references to financial measures commonly used in the oil and gas industry such as adjusted EBITDAX, net debt / net cash, debt, adjusted net working capital, adjusted cashflow from operations, opex, and capex which are not generally accepted accounting measures under International Financial Reporting Standards (“IFRS”) and do not have any standardised meaning prescribed by IFRS and, therefore, may not be comparable with similar definitions that may be used by other public companies. Management believes that adjusted EBITDAX, net debt / net cash, debt, adjusted working capital, adjusted cashflow from operations, opex, and capex are useful supplemental measures that may assist shareholders and investors in assessing the financial performance and position of the Company. Non-IFRS financial measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Reconciliations of these non-IFRS financial measures to the most directly comparable financial measures in Valeura’s annual financial statements are provided below. Certain additional disclosures for these non-IFRS financial measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the “Reconciliation of Non-IFRS Measures” section in Valeura’s 2023 Third Quarter MD&A dated November 13, 2023, available on

Adjusted EBITDAX: Is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS. This non-IFRS finance measure is included because management uses the information to analyse financial performance of the Company. Adjusted EBITDAX is calculated by subtracting from oil revenues, royalties, operating costs, general and administrative expenses, and adjusted for non-recurring charges and other non-recuring general and administrative costs and adding additional expenses the Company incurred as a result of the acquisition for Mubadala and Kris assets in addition to costs associated with redundancies.

Opex and Opex per bbl: Is a non-IFRS financial measure and non-IFRS ratio, respectively, which do not have standardised meanings prescribed by IFRS. These are included because management uses the information to analyse cash generation and financial performance of the Company. Opex represents the operating cash expenses incurred by the Company during the period including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, floating and production storage offshores (“FPSO”) vessels, and warehouses. Opex is calculated by effectively adjusting non-cash items from the operating cost in the financial statements and adding lease costs. Opex is divided by production in the period to arrive at Opex per bbl.

Adjusted cashflow from operations: Is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS. This non-IFRS financial measure is included because management uses the information to analyse cash generation and financial performance of the Company. Adjusted cashflow from operations is calculated by subtracting from oil revenues, royalties, Opex, general and administrative costs which are adjusted for non-recurring charges, and accrued petroleum income tax act tax and special remuneratory benefit expenses.

Debt & Net Debt / Net cash: Are non-IFRS financial measures which do not have standardised meanings prescribed by IFRS. These non-IRFS financial measures are provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company. These measures are used to ensure capital is managed effectively in order to support the Company’s ongoing operations and needs.

Adjusted Net Working Capital: Is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS. This non-IFRS finance measure is included because management uses the information to analyse liquidity and financial strength of the Company. Adjusted Working Capital is calculated by adding back current leases liability to the working capital.

Capex: Is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS.  Capex is defined as the addition in capital expenditure for drilling, brownfield, and other PP&E.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.