Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES SUCCESSFUL COMPLETION OF NONG YAO INFILL DRILLING

Valeura Energy Inc. has successfully completed its Nong Yao field infill drilling campaign and noted recent increases in oil production.

Valeura has drilled two horizontal infill wells on its Nong Yao oil field at licence G11/48 in Thailand, in which the company holds a 90-per-cent operated working interest. Drilling operations were executed safely, below budget and ahead of schedule. The wells encountered approximately 1,000 feet and 700 feet of net oil pay in their horizontal sections, respectively, confirming predrill reservoir simulation results. The wells have come on stream as oil producers at a combined initial gross rate of approximately 1,350 bbl/d (barrels per day).

The impact of the new Nong Yao wells, in addition to contributions from the company's Jasmine oil field drilling program earlier in 2023, has resulted in aggregate oil production rates from the company's portfolio during the 11 days of June averaging 23,700 bbl/d (net to the company's working interest), an increase of approximately 16 per cent over average Q1 2023 rates from the four assets.

The Borr Mist drilling rig is now on location at the Manora oil field, where the company plans to drill three wells aimed at increasing production from the field and, by extension, adding to the economic life of the asset. Upon completion of operations at Manora, anticipated in early August, 2023, the rig will move to the Wassana field for the company's five-well infill drilling program.

Sean Guest, president and chief executive officer, commented:

"Our Nong Yao drilling campaign has been a success and the results bolster our investment thesis that our assets offer the potential to add further value through increased production and new reserve additions through targeted infill drilling. I am pleased with the team's safety performance in executing the program and their commitment to efficient operations, as evidenced by a strong cost and schedule outcome. To capitalize on this momentum, we have adjusted our drilling schedule such that we will now utilize only one rig to execute all our drilling plans in 2023. This change constitutes an important operational synergy between the former Mubadala Energy assets and the KrisEnergy assets. As we continue to integrate the businesses we have acquired in Thailand we are identifying more opportunities for efficiency gains as a further way to add value for our stakeholders."

About Valeura Energy Inc.

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.

We seek Safe Harbor.