Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES Q2 2023 OPERATIONAL UPDATE

Valeura Energy Inc. has provided a trading update for second quarter 2023.

During Q2 2023 the company's net working interest production from its four producing assets averaged 22,097 barrels per day of crude oil. Production increased 8 per cent relative to Q1 2023.

Valeura drilled eight wells, on its Jasmine, Nong Yao and Manora oil fields in Q2 -- all were successful. Drilling operations at the Manora oil field are currently in the final stages of a three-well program. Upon completion the company intends to bring the three new Manora wells on stream as producers and thereafter to mobilize the drilling rig to the Wassana oil field. Further to the company's July 6, 2023, announcement of a temporary suspension in Wassana production operations, for clarity, Valeura intends to proceed with the Wassana infill drilling program as planned. Drilling operations were executed safely throughout the quarter, with no recorded deviations from Valeura's safe operating practices.

During Q2 2023, in addition to routine operating costs and capital expenditures, the company paid taxes of $178.1-million (U.S.) in respect of the previous owner's 2022 operations, as planned, paid down $18.5-million (U.S.) of its debt facility and completed the acquisition of the Wassana oil field's mobile offshore production unit, Ingenium, by way of a final consideration payment of $5.0-million (U.S.). As of June 30, 2023, Valeura had $121.6-million (U.S.) in cash and debt of $30.7-million (U.S.).

Valeura intends to announce its Q2 2023 financial and operating results during the second week of August, 2023. Specific timing and webcast details will be confirmed in due course.

Sean Guest, president and chief executive officer, commented: "I am very pleased with our performance during the first full quarter under Valeura's operatorship. Integration of the businesses we have acquired is progressing well, and our expanded team is continuing to demonstrate a world-class performance, delivering oil production averaging over 22,000 bbl/d and remaining committed to our principles of safe operations.

"The impact of our operations during the quarter underscores the magnitude of how much we have changed the character of Valeura as an investment. We are generating cash, self-funding growth via reinvestment into our portfolio and strengthening our balance sheet at the same time."

About the company

Valeura Energy is a Canadian 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 environmental, social and governance standards.

We seek Safe Harbor.