Dr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES COMPLETION OF INTERNAL RESTRUCTURING

Valeura Energy Inc. has completed an internal restructuring of its subsidiary companies in Thailand.

Valeura's working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields, are now held by Valeura Energy (Thailand) Ltd., a wholly owned subsidiary of Valeura, which previously had only held an interest in the Wassana asset. The company anticipates that the new structure offers the potential to optimize various operational and financial aspects of these assets. In particular, the company anticipates realizing efficiencies through continuing contracting and procurement as well as the pooling of future costs and historical tax loss carryforwards associated with these assets. As of Sept. 30, 2024, the cumulative tax loss carryforwards are estimated at $397-million (U.S.) (1).

Dr. Sean Guest, president and chief executive officer, commented: "Today marks a milestone in delivering value for our shareholders and completes the integration work we started after our Gulf of Thailand acquisitions in 2022 and 2023. Early on, we identified the potential for greater efficiency by bringing our Thai III assets together through a reorganization; our team recognized that, together, these assets are worth more than the sum of their parts.

"Pursuing this type of synergy strengthens our ability to reinvest in the business for the benefit of all stakeholders. We intend to continue investing directly into the many organic growth opportunities inherent in our Thailand portfolio and also seeking new ways to provide further value, including through acquisition-led growth."

Under Thailand's income tax provisions, from today forward, petroleum income tax for the three subject assets will be assessed as a single entity. Tax obligations relating to the previous subsidiary company arrangement are required to be assessed immediately and settled within the next 30 days. Taxation arrangements for the Jasmine field, which is governed by a different vintage of fiscal terms (known as Thai I), and held in a separate subsidiary entity, will continue unchanged.

(1) This is an unaudited internal management estimate based on the Thai baht exchange rate as of Nov. 1, 2024, subject to review by tax advisers and auditors.

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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