Dr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES NONG YAO C PRODUCTION RAMP UP

Valeura Energy Inc. has completed a successful ramp-up of oil production at its Nong Yao C development, in Licence G11/48, offshore Gulf of Thailand.

The greater Nong Yao complex is now operating at its full processing capacity, with stable average production over the past seven days of 13.4 million barrels per day (12.1 million barrels per day net to the company's 90-per-cent working interest share, before royalties). This production, when combined with the Wassana field being back on line, has resulted in stable aggregate oil production over the past week of 26.2 million barrels per day (the company's working interest share, before royalties).

Dr. Sean Guest, president and chief executive officer, commented: "I am very pleased to see the Nong Yao complex operating at its full capacity just two weeks after we announced first production from the Nong Yao C development. Commissioning of the new facility and the ramp-up in production proceeded rapidly and without incident. Production has been stable for the past week from six of the development wells. A seventh well is expected to be started within the coming weeks to create spare production capacity.

"With this organic growth project now coming to fruition and stable operations across the rest of the portfolio, including the Wassana field, our total working-interest-share production has averaged 26.2 million barrels per day (before royalties) over the last seven days.

"Moreover, our work program for the remainder of the year entails drilling infill development wells at both the Jasmine and Manora fields to offset declines and to bolster our plan to maintain production at approximately 25 million barrels per day for at least the next four months.

"As evidenced by our recent financial results for the period ending June 30, 2024, we are a strongly cash-generative business and are continually evaluating how to deploy our net cash to best add value for our many shareholders."

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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