Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES JASMINE OIL FIELD FPSO AND CONTRACT EXTENSION

Valeura Energy Inc. has extended two key contracts relating to the Jasmine oil field in Thailand. Valeura's charter of the field's floating production storage and offloading vessel (FPSO), and a contract for provision of operating and maintenance services for the vessel, have been extended by five years until the end of 2028.

Sean Guest, president and chief executive officer, commented:

"I am pleased to announce these developments, which further illustrate the potential to continue deriving value from the Jasmine oil field. As announced on May 17, 2023, the Jasmine field has produced 90 million barrels cumulative, greatly exceeding the expectations set at its original development sanction in 2004 of approximately seven million bbl.

"As we continue to see the potential for further production from the Jasmine oil field we have prioritized the maintenance of our infrastructure as a key aspect to ensuring the ongoing safe delivery of value. These contract extensions pave the way for Valeura to pursue further field extensions and infill drilling in the years to come as we continually seek to extend the economic life of the asset."

Both the extension of the FPSO charter and the contract for provision of operations and maintenance services have been extended to the end of 2028. In addition, the company is currently conducting approximately $9-million (U.S.) in capital projects to refurbish the FPSO, aimed at ensuring its continuing reliability and extending the vessel's class certification. The spending associated with the refurbishment is in line with the company's expectations and is included in its capital expenditure guidance outlook as announced on April 18, 2023.

About the company

Valeura Energy 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 reinvest 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.

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