08:55 AM EDT, 04/09/2026 (MT Newswires) -- Valeura Energy ( VLERF ) , which saw its stock drop 12.5% yesterday, said earlier Thursday it is "pursuing options to accelerate various projects across its portfolio" amid a "substantially higher" recent oil price, while it provided an operations and financial update for Q1 2026.

During Q1 2026, Valeura said it sanctioned a US$7 million project to expand the Nong Yao A platform with four additional well slots increasing the total capacity of the platform to 28 well slots. Engineering work is now underway, and the project is targeting readiness for drilling from these four new well slots in Q4 2026, it added.

Valeura said it is evaluating options to increase its drilling activity in 2026, aiming to drill additional wells in the fourth quarter. It previously planned only eight months of drilling during the year.

With construction activity on the new-build Wassana central processing platform in Thailand proceeding ahead of schedule, Valeura said it may expedite installation of the platform. The project is 60% complete as of March 31 2026.

Valeura intends to update its spending and production guidance in due course, pending successful progress on these acceleration projects.

During the first quarter, Valeura said its oil production averaged22.3 mbbls/d while sales totaled 1.394 million barrels (all occurring during January and February 2026). Price realisations averaged US$66.2/bbl, resulting in revenue of US$92.3 million.

Dr. Sean Guest, President and CEO, said: "During Q1 2026, we delivered oil production exactly in line with our plan for the quarter. Much of that production contributed to an increase in oil held in inventory, meaning sales are deferred into Q2 2026, for which we stand to benefit from stronger oil prices.

"We are capitalising on the opportunity to invest into our portfolio. In addition to ongoing drilling activity and our Wassana redevelopment project, we are pursuing options to accelerate various projects. Even after a heavy quarter of investing, the acquisition of the Manora Princess FSO, and revenue coming only from the first two months of the year, our balance sheet remains strong, with US$261.6 million in cash, and no debt as of 31 March 2026."

Shares in VLE were down $1.85 at $12.91 on the TSX yesterday.