Mr. Tim Marchant reports

VALEURA ENERGY INC. ANNOUNCES COO APPOINTMENT AND BOARD CHANGES

Valeura Energy Inc. has appointed a chief operating officer, made changes to its board of directors and replaced its auditor.

Chief operating officer appointment

Greg Kulawski is joining Valeura as chief operating officer, effective July 17, 2023. Mr. Kulawski is a seasoned executive leader, with 25 years of upstream oil and gas experience. His international career has been with Shell and his most recent roles were the deputy chief executive officer and production director of Sakhalin Energy, vice-president of safety for the Shell group globally, and general manager and director of Shell's onshore and shallow water assets in Nigeria. He has substantial experience in brownfield production operations and greenfield developments including key health, safety and environment-related responsibilities. Mr. Kulawski has a proven record in leading international and multicultural teams through complex projects including major facility turnarounds and integrating new businesses. Mr. Kulawski holds a bachelor of engineering in electronics and electrical engineering and a doctor of philosophy from the University of Birmingham. He and his family will relocate to Singapore to join the rest of the Valeura executive team.

Board changes

Ron Royal will retire from the board effective Aug. 1, 2023, after having provided dedicated service and significant contributions over a 13-year period from Valeura's inception in 2010.

Lina Lee will be appointed as an independent director of Valeura effective Aug. 1, 2023. Ms. Lee is a specialist in finance and energy, with over 25 years of experience in multiple industries and cultures, culminating in senior leadership positions at BP. She has held roles focused on rigorous portfolio management, financial management, business development, treasury and deal structuring, most recently serving as chief financial officer and vice-president of strategy of BP's global petrochemicals business. With considerable experience in developing and executing strategies focused on Asia, Europe, the Middle East and Russia, Ms. Lee brings a wealth of international acumen and a strategic growth mindset, with a particular emphasis on executing inorganic growth transactions and business improvement initiatives. She is a chartered financial analyst, with a business education from The Chinese University of Hong Kong, the Kelley School of Business at Indiana University and the Harvard Business School. Ms. Lee is based in Hong Kong.

Auditor replacement

In line with the executive move to Asia, Deloitte & Touche LLP (Singapore) has been appointed as auditors of the company, replacing KPMG Canada.

Tim Marchant, chairman of the board, commented:

"With our company's significant and growing operations in Southeast Asia, we are continuing to bolster the executive team with senior operating talent, and I am pleased to welcome Greg Kulawski as COO. Greg is a seasoned executive with 25 years of experience in international operating units and corporate roles. His professionalism and deep experience is an excellent fit and I am confident his operations and safety leadership will help ensure that our world-class performance continues.

"On behalf of the board, I would like to thank Ron Royal for his long and committed service to the board and to Valeura as a founding director and early investor in the company. We have come to rely upon his candour and broad technical and international operational experience in contributing to key board decisions over the years, and his presence will be missed.

"In addition, I am very pleased to welcome Lina Lee to our board. With her extensive experience in international energy, including the Southeast Asia region, I have no doubt she will be an excellent source of sound independent advice for our board and a great asset in guiding the firm through the next exciting phase of developing our Thailand assets and building out our Southeast Asian business."

About the company

Valeura Energy is a Canadian-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.