Dr. Sean Guest reports

VALEURA IMPLEMENTS SHARE BUYBACK PROGRAMME

Valeura Energy Inc. has received Toronto Stock Exchange (TSX) approval of the company's notice of intention to make a normal course issuer bid (NCIB). The NCIB will commence on Nov. 14, 2024, and end on Nov. 13, 2025, or such earlier date as Valeura may determine or upon completion of purchases pursuant to the NCIB.

The purpose of the NCIB is to deploy a portion of the company's cash resources on hand and future free cash flow to purchase common shares in the capital of the company in the open market and cancel these shares.

Valeura believes that the prevailing market price of the shares may not, from time to time, reflect the company's intrinsic value and future prospects, and that the purchase of shares represents an appropriate use of the company's financial resources to enhance shareholder value.

Dr. Sean Guest, president and chief executive officer, commented: "We feel Valeura's shares represent tremendous value. I am pleased to put the mechanisms in place for us to purchase and cancel up to 10 per cent of our public float on an opportunistic basis, in the context of the broader market and the company's capital allocation strategy.

"We intend to continue maintaining a strong balance sheet as we pursue value accretive growth, both through organic projects and through potential acquisitions. We feel a share buyback program is an attractive investment opportunity and complementary to our strategy to add value for shareholders through growth."

Valeura has received TSX approval to purchase the maximum allowable number of shares over the next 12-month period, being 7,390,245 shares, representing approximately 10 per cent of the public float of shares as at Oct. 31, 2024. The number of outstanding shares as at Oct. 31, 2024, was 106,999,013. The actual number of shares ultimately purchased pursuant to the NCIB will be a function of several factors, including, but not limited to, the market price of the shares, the maximum daily allowable repurchase volume under TSX rules and other factors deemed relevant by Valeura. Purchases made pursuant to the NCIB will be made in the open market through the facilities of the TSX or through alternative Canadian trading systems. Shares purchased pursuant to the NCIB will be cancelled. The number of shares that can be purchased pursuant to the NCIB is subject to a daily maximum of 78,509 shares, which is 25 per cent of the average daily trading volume for the shares on the TSX for the period of May 1, 2024, to Oct. 31, 2024, subject to certain prescribed exceptions.

Valeura will employ an automatic share purchase plan (ASPP) with a designated broker. The ASPP will allow for purchases of shares at predetermined levels at times when Valeura would not otherwise be active in the market due to applicable regulatory restrictions or internal trading blackout periods.

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.

We seek Safe Harbor.