Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES THREE OIL DISCOVERIES IN THE GULF OF THAILAND

Valeura Energy Inc. has made three oil discoveries on its assets in the offshore Gulf of Thailand.

Sean Guest, president and chief executive officer, commented: "I am pleased to announce that our exploration drilling campaign has resulted in three new oil discoveries -- one in the Nong Yao D area and two in the northeast portion of the Wassana concession.

"As we continue to pursue adding value through growth, near-field exploration forms an important part of sizing up the organic potential of our assets. With successful results like these, the opportunity set before us is continuing to expand.

"Following this exploration drilling campaign, we are returning to both infill drilling and development work, which is intended to increase production rates over the coming months to support cash flow generation, particularly as we see benchmark oil prices rise to new highs for this year. We are also planning for further exploration drilling elsewhere in our portfolio later in the year."

Nong Yao D

The Nong Yao-13 well (G11/48 concession, 90-per-cent working interest) was drilled to 5,399 feet measured depth (MD) (3,342 feet true vertical depth (TVD)) and discovered just over 30 feet of new oil pay across several intervals. Importantly, this result confirms that oil has successfully migrated into this area of the block, a factor that was seen to be a risk in the Nong Yao D area. The particular intervals comprising the discovery are relatively shallow new zones which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area, and further analysis on the seismic data is warranted. This work will seek out potential locations for follow-up exploration and appraisal drilling in the vicinity, with the ultimate objective of amassing sufficient volumes to justify a future development.

Niramai and Wassana North

Two wells were drilled north of the Wassana oil field (G10/48 concession, 100-per-cent interest) with the objective of identifying sufficient oil volumes in this northern area of the block to justify a future development project. The Niramai-4 well was an exploration/appraisal well approximately one kilometre northeast of the successful Niramai-1 oil discovery, which was originally drilled in 2009. The Niramai-4 well was drilled to 7,312 feet MD (5,581 feet TVD) and discovered over 90 feet of new oil pay across two key reservoirs.

Following evaluation, the well was then sidetracked with a high-angle well known as Niramai-4 ST1 to test the Wassana North prospect, a separate fault block immediately north of the Wassana field. The well was drilled to 12,388 feet MD (5,782 feet TVD) and discovered approximately 40 feet of new oil pay. The deepest oil-bearing zone is of particular interest, in that the wellbore intersected the reservoir significantly down dip of the crest and oil is interpreted to be present to the base of the reservoir, with no oil-water contact identified in the well. This indicates further potential, both deeper than penetrated and more laterally expansive in the up-dip portion of the structure.

While reservoir properties and volumetric estimates are still being calculated for both wells, when combined with the pre-existing Niramai volumes, the total recoverable volumes are believed to exceed management's requirements to support an additional future development on the G10/48 block. Such a development expansion is beyond the scope of the Wassana field redevelopment project currently being evaluated, but has the potential to extend production and the life of the concession beyond its current economic limit in 2032. Management anticipates that these new volumes will contribute to the company's next year-end reserves and resources.

Drilling plan

The company's contracted drilling rig has been mobilized to the Nong Yao field, where it will soon begin drilling two infill development wells on the Nong Yao A platform, intended to add to production rates in the near term. Thereafter, and once commissioning work is complete on the Nong Yao C mobile offshore production unit, the rig will begin development drilling on the Nong Yao C accumulation. The company is targeting first oil from Nong Yao C in early third quarter 2024.

About Valeura Energy Inc.

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 standards of environmental, social and governance responsibility.

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