Further information on the tax losses:

- Valuera acquired 400 million USD tax loss as a part of Kris acquisition.
- Valuera have to consolidate the companies into one unit to utilize the tax losses.
- Valuera finished the consolidation. Within the next month, it may be approved.
- It would mean two to three years of no tax on non-Jasmin assets.
- In order for this not to happen, they would have to change Thai law.
- Jasmin is separate from consolidation and is not included in the tax deal - Jasmin represents 7k bpd out of 27k bpd total production. So 75% of production will pay no taxes for the two to three years.
- this means that at current share price to stock would generate annual distributable CF = to its market cap

Very material upside

Valeura Energy has been named one of Canada’s Top Growing Companies.

Placed 8th out of 416 in The Globe and Mail 2024 Report on Business ranking.

Full announcement published on LinkedIn:
https://lnkd.in/eqTBgqiZ

Valuera got title of one of the fastest growing companies

The ranking is based on three year revenue growth, for which Valeura clocks in at an impressive 5,673%

Market cap: 400 mil usd
Debt: 0 usd
Net cash: 150 mil usd
EV: 250 mil
Last 12 months CFO 200 mil usd (after all taxes, royalties, operating costs)
P/E 2

Just published. Impressive performance!!


Valeura Energy Inc.Valeura Energy Inc.

Valeura Energy is pleased to provide an update on Q3 2024 operations.

Highlights:
· Oil production averaged 22.2 mbbls/d(1) for Q3 2024 and 26.4 mbbls/d during September 2024(1);
· Nong Yao C development was commissioned and put on production, which resulted in a 66% increase in Nong Yao production(1,2);
· Production resumed at Wassana after confirming the safe operating condition of its production facility;
· Oil volumes sold of 1.8 million barrels with increased oil inventory at quarter end of 1.2 million bbls;
· Revenue of US$139 million with an average price realisation of approximately US$79/bbl;
· Cash of US$156 million, after having paid US$30.1 million in petroleum taxes related to H1 2024;
· Valeura remains debt free, and
· Recognised as one of Canada’s Top Growing Companies by The Globe and Mail, ranking no. 8 of over 400 companies evaluated.

(1) Working interest share production, before royalties.
(2) 11.6 mbbls/d (last seven days of Q3), compared to 7.0 mbbls/d (the week just prior to starting Nong Yao C).


https://lnkd.in/gPj8RaQv

latest presentation:

https://www.valeuraenergy.com/wp-content/uploads/2024/10/2024-10-corporate-update-VF.pdf

Canaccord Genuity view

The long-awaited and now formally completed alignment of all the company's Thai
III fiscal-based producing assets under a single subsidiary is expected to yield very
substantial benefits in terms of tax efficiencies and contracting/procurement efficiencies.
This is clearly a significantly value-positive step for Valeura and allows the company to
focus on operational optimisation and potential further inorganic growth.
Valeura had identified the potential value enhancement of a corporate restructuring that
would bring all three Thai III fiscal regime producing fields under a single tax entity.
With the completion of that process, the Wassana, Nong Yao, and Manora fields will now
be assessed as a single entity. Jasmine field, which falls under the Thai I fiscal regime,
will continue to be taxed as a separate entity.
The detail (part 1)
Valeura estimates the total cumulative
tax loss carry- forwards associated with
the Thai III assets at US$397m (at 30
September 2024).
At its simplest, based on the 50% tax rate,
that implies a net undiscounted benefit to
Valeura of almost $200m.
We currently anticipate those tax losses will
be fully utilised over the next 3 years.
We expect a determination of taxes due
on the Thai III assets, for the period JulyOctober, in Q4, with the cash tax payment
in Q1 2025.

Very bullish

Completion of Internal Restructuring
November 5, 2024
Singapore, November 5, 2024: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the completion of an internal restructuring of its Thailand subsidiary companies.

Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields, are now held by Valeura Energy (Thailand) Ltd, a wholly owned subsidiary of Valeura, which previously had only held an interest in the Wassana asset. The Company anticipates that the new structure offers the potential to optimise various operational and financial aspects of these assets. In particular, the Company anticipates realising efficiencies through ongoing contracting and procurement, as well as the pooling of future costs and historical tax loss carry-forwards associated with these assets. As of September 30, 2024, the cumulative tax loss carry-forwards are estimated at US$397 million(1).

https://www.valeuraenergy.com/completion-of-internal-restructuring/

Buyback announced!

Valeura Implements Share Buyback Programme

Singapore, November 12, 2024: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce that it has received Toronto Stock Exchange (“TSX”) approval of the Company’s notice of intention to make a Normal Course Issuer Bid (“NCIB”). The NCIB will commence on November 14, 2024 and end on November 13, 2025, or such earlier date as Valeura may determine or upon completion of purchases pursuant to the NCIB.

Another positive update:

Valeura Energy is pleased to announce the successful completion of an infill drilling campaign at the Jasmine field in Licence B5/27 (100% operated working interest), offshore Gulf of Thailand. With all five wells completed as producers and online, aggregate oil production from the field has averaged 9,801 bbls/d (before royalties) over the period November 19-25, 2024, an increase of 26% from rates just prior to the new wells coming online.

https://lnkd.in/gTcRc_xM

Valeura investment thesis published by SeekingAlpha yesterday:

https://seekingalpha.com/article/4741282-valeura-energy-more-cash-than-its-market-capitalization#comment-99141369

Investment thesis:

https://fitinvestmentideas.com/2024/12/03/valeura-energy-cash-rich-and-undervalued/

Valeura is buying back stock daily. More interesting - its largest shareholder, Thorsen, buys even more stock almost daily. Thorsen is a large Thain investment company:
https://www.thoresen.com/en/home

Bullish signal for Valuera!
The largest shareholder knows more about the company than any of us.
https://ceo.ca/insiders-dashboard?symbol=VLE

The latest investor presentation:
https://www.valeuraenergy.com/wp-content/uploads/2024/11/2024-11-corporate-update-V3.pdf

Valeura Energy will present at the 2nd Annual International Oil & Gas Investor Day tomorrow (Dec 11, 2024) in Toronto,

organised by TMX Group and Canaccord Genuity Group Inc.

Click to register. https://lnkd.in/eN6rwpqX

performing well as expected. from 5 to 7 CAD

Valeura included in top picks for 2025 by Cannacord:

Investment case
Valeura is a c.25 kbopd oil production and development focussed company with
operatorship of four fields offshore Thailand acquired through two astute acquisitions in
2022/23. The company now has high-performing assets, expected mid-term supercharged
cash flow generation following a corporate restructuring, and an enviably strong balance
sheet that can deliver organic and inorganic investment as well as shareholder returns,
all under the umbrella of a management team with an excellent track record. After such a
strong market performance in 2024, up 130%, finding the upside might seem challenging,
but we think there's more to come in 2025.