Dr. Sean Guest reports

VALEURA ENERGY INC ANNOUNCES NONG YAO C FIRST OIL

Valeura Energy Inc. has achieved first oil production from its Nong Yao C development, in licence G11/48 (90-per-cent operated working interest), offshore Gulf of Thailand.

The first three of the seven Nong Yao C development wells were opened up for oil production on Aug. 15, 2024, with additional wells to be brought on-line successively thereafter. Ramp-up of production volumes will continue in line with the company's plan to achieve peak production rates of approximately 11,000 barrels per day within the coming weeks, versus recent rates in the first half of August of approximately 7,200 barrels per day (Valeura working interest share, before royalties). Valeura intends to sustain Nong Yao production rates at approximately 11,000 barrels per day for the remainder of 2024.

Dr. Sean Guest, president and chief executive officer, commented: "I am very pleased to see first production from Valeura's first organic growth project in the Gulf of Thailand. We have executed an efficient drilling program, which came in below budget and has achieved all of our geologic objectives, which we will now benefit from as we shore up the company's total production output with this new production. Moreover, our drilling program has successfully appraised several upside targets, which we expect will both contribute to reserves and resources when evaluated at year-end, and may form the basis of future infill drilling to sustain volumes further into the future."

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 Turkey. The corporation 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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