Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES NONG YAO INFRASTRUCTURE & WASSANA DRILLING UPDATE

Valeura Energy Inc. has mobilized a mobile offshore production unit (MOPU), destined for its Nong Yao field, and has provided an update on development drilling at the Wassana field, offshore Thailand.

Highlights

MOPU TSeven Shirley being mobilised to the Nong Yao field (90% working interest), in preparation for development of the Nong Yao C accumulation, first oil expected late Q2 2024;

Valeura purchasing the Nong Yao field's floating storage and offloading vessel ("FSO") Aurora for US$19 million, providing greater operational flexibility and cost optimisation; and

Wassana field (100% working interest) development drilling programme being expanded to five horizontal wells, first two wells have resulted in field output increasing to more than 4,000 bbls/d.

Nong Yao Infrastructure

The MOPU TSeven Shirley has departed its shipyard at Qing Dao, China and is now enroute to Valeura's Nong Yao field (90% working interest) in the Gulf of Thailand. Upon arrival, the MOPU will be connected to the pipeline that has been already installed from the existing Nong Yao field infrastructure, and will serve as the wellhead production platform for the Company's Nong Yao C field development. Following hook-up and commissioning work, Valeura intends to conduct an initial drilling programme of up to nine development wells (six producers and three water injectors). First production from the Nong Yao C extension is expected in late Q2 2024, and when fully on stream in the months thereafter, the Company is targeting peak production rates from the greater Nong Yao field totalling approximately 11,000 bbls/d (90% working interest share).

The TSeven Shirley is a new-build MOPU, based on a jack-up drilling rig hull, and customised to suit the requirements of the Nong Yao C accumulation. The MOPU includes a 12 slot well bay, total design fluid capacity of 20,000 bbls/d and water injection design capacity of 10,000 bbl/d. Valeura has agreed to charter the MOPU for an initial term of five years, with provisions for extension thereafter.

Separately, Valeura has exercised its purchase option to acquire the Nong Yao field's FSO Aurora, which it had previously leased from the seller, a member of the Omni Offshore Terminals group. Purchase price for the vessel is US$19 million, to be funded with the Company's cash resources upon completion of the transaction, anticipated in June 2024. Given the pending expansion of the field and potential future developments, Valeura anticipates that owning, as opposed to leasing the FSO will provide operational flexibility and allow the Company to optimise operating expenses.

Wassana Drilling Update

Valeura is currently executing a development drilling programme on its Wassana field (100% working interest), and in light of favourable initial results, has opted to expand the scope of the programme from three horizontal wells to five. All three wells drilled so far have encountered their targets in line with expectations. The first two wells have been tested and, in their first seven days of production, resulted in total field output increasing to more than 4,000 bbls/d. The third well will be brought online in the coming days. Management believes strong proven deliverability from the initial wells may result in an upward revision to its production expectations from the field.

The Company intends to continue drilling on the Wassana field, to a total of five wells, after which the rig will mobilise to the Nong Yao field to begin Nong Yao C development drilling.

Sean Guest, President and CEO of Valeura commented:

"I am pleased to see our team achieve this key milestone in further development of the Nong Yao field. With the deployment of new infrastructure to the field, excitement is building around the development of the Nong Yao C accumulation, which is a major component of our production growth plan for 2024, which we anticipate will elevate our share of Nong Yao production to 11,000 bbls/d. In addition, having the TSeven Shirley MOPU on site provides another platform for us to pursue further appraisal and exploration work in the greater Nong Yao area. At the same time, we are always mindful of the efficiency of our operations and see the purchase of the Nong Yao FSO a key step in controlling forward operating costs, thereby contributing to a further potential extension of the field's economic life.

Separately, the Wassana field continues to surprise to the upside. When we first acquired the asset, we envisaged that it would take five additional wells to develop the deeper reservoir intervals and to achieve rates of 4,500 bbls/d. With having demonstrated over 4,000 bbl/d with just the first two horizontal wells, and a third to be brought onstream shortly, we are raising our expectations for the potential of the field in the near term. Notably, this success is in advance of the larger-scale redevelopment we are now considering for the Wassana field. The concept select phase of the Wassana re-development project is progressing well, and we anticipate taking an investment decision later this year.

Across our portfolio, we continue to find appealing opportunities for organic growth, as we continue in our strategy to deliver value through growth in all forms."

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940Sean Guest, President and CEOYacine Ben-Meriem, CFOContact@valeuraenergy.com

Valeura Energy Inc. (Investor Enquiries) +1 403 975 6752 / +44 7392 940495Robin James Martin, Vice President, Communications and Investor RelationsIR@valeuraenergy.com

Auctus Advisors LLP (Corporate Broker to Valeura) +44 (0) 7711 627 449Jonathan WrightValeura@auctusadvisors.co.uk

CAMARCO (Public Relations, Media Adviser to Valeura) +44 (0) 20 3757 4980Owen Roberts, Billy CleggValeura@camarco.co.uk

About the Company

Valeura Energy Inc. 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 re-invest 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.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Initial Production Rates

Initial production rates included in this news release, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery. Readers are cautioned that short-term rates should not be relied upon as indicators of future performance of these wells and therefore should not be relied upon for investment or other purposes. Certain of the results provided herein should be considered preliminary.

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