Valeura Energy Secures Three-Year Charter for Enterprise Drilling Rig

Valeura Energy Expands Drilling Operations with New Rig Charter

CALGARY, AB — Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) has officially announced the chartering of the Shelf Drilling Enterprise jack-up drilling rig for a span of three years, extending to December 31, 2029. This strategic move will facilitate ongoing development, appraisal, and exploration drilling within the company’s Gulf of Thailand portfolio.

Operational Commencement and Focus

The company plans to initiate drilling operations with the Enterprise rig in the fourth quarter of 2026. Initially, the focus will shift towards production acceleration projects, aiming to leverage a robust operational framework coupled with favorable conditions in the drilling market.

Robust Reserves and Financial Position

Valeura's current asset base indicates a strong position, with 57.8 million barrels of proved plus probable reserves, which have significantly enhanced the company’s portfolio. Dr. Sean Guest, the company's President and CEO, emphasized the importance of these reserves, stating that three consecutive years of a reserves replacement ratio near 200% underscore a transformative phase for Valeura.

Strategic Growth Plans

In light of the current favorable rig market, Valeura’s decision to secure the Enterprise rig demonstrates a proactive strategy aimed at capitalizing on its assets, even amidst the relatively low commodity prices experienced in late 2025. The company envisions a continual drilling program that aims to extend through the end of 2029, thereby optimizing the potential of its operational frameworks.

Key Takeaways

Valeura Energy has chartered the Shelf Drilling Enterprise rig for three years, focusing on operations in the Gulf of Thailand.

The company aims to enhance production via a series of strategic drilling initiatives starting in Q4 2026.

Currently, Valeura has robust financial health and a reserves replacement ratio nearing 200%, indicating strong operational capabilities.

The ongoing and future drilling programs are expected to extend through 2029, highlighting Valeura's growth strategy.

The rig charter reflects Valeura’s strategy to navigate the evolving energy market effectively.