Dr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES JASMINE DEVELOPMENT DRILLING UPDATE

Valeura Energy Inc. has completed an infill drilling campaign at the Jasmine field on licence B5/27 (100-per-cent operated working interest), offshore Gulf of Thailand.

Dr. Sean Guest, president and chief executive officer, commented: "I am very pleased with our drilling performance at Jasmine, which has resulted in aggregate oil production rates of nearly 10,000 barrels per day (before royalties) over the last seven days. Maintaining oil production at this asset is key to generating ongoing cash flow from our portfolio. In addition, the fact that we continue to see appraisal successes at this relatively mature field bodes well for our objective to further extend the economic life of the asset. We expect the results of these wells and the recent production rates to be considered as part of our year-end reserves assessment and to support our target of achieving more than a 100-per-cent reserves replacement ratio."

Valeura drilled a five-well program, comprising two infill development wells on the Jasmine A platform, completed in September, 2024, and previously announced, and, more recently, three infill development wells on the Jasmine D platform, which were all successful and have been brought on line as producers while also successfully appraising several additional reservoir intervals.

The JSD-42 well drilled a production-oriented primary objective in the 250 sand reservoir and is believed to be optimally positioned at the crest of the structure. The well was completed as a producer within this zone and has begun producing oil in line with management's expectations. In addition, the JSD-42 well evaluated several secondary appraisal targets, which resulted in five further zones being completed as future producing reservoirs, and also encountered several additional oil-bearing intervals, which may be the subject of further infill development drilling in due course.

The JSD-41H and JSD-43H wells were both drilled as horizontal development infills within the 680-1 sand reservoir, with the objective of more efficiently sweeping oil from this already-producing interval. Both wells were geosteered across horizontal intervals measuring over 2,000 feet (measured depth) and encountered 100 per cent net sand.

With all five wells completed as producers and on line, aggregate oil production from the field has averaged 9,801 barrels per day (before royalties) over the period from Nov. 19 to Nov. 25, 2024, an increase of 26 per cent from rates just prior to the new wells coming on line (7,764 barrels per day over the period from Sept. 6 to Sept. 12, 2024).

Following the Jasmine D infill drilling program, the company's contracted drilling rig has been moved to the Manora field on licence G1/48 (70-per-cent working interest), where it has started operations on a five-well infill drilling program, comprising three production-oriented wells and two appraisals.

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.

We seek Safe Harbor.