Dr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES MANORA DRILLING UPDATE

Valeura Energy Inc. successfully completed of an infill drilling campaign at the Manora field in Licence G1/48 (70-per-cent operated working interest), offshore Gulf of Thailand.

Dr. Sean Guest, president and chief executive officer, commented: "Our most recent drilling at Manora has both increased oil production rates and successfully appraised additional targets, which will form the basis of future infill development drilling. While the Manora field accounts for only about 10 per cent of our year-to-date production, it is an excellent example of the potential for Gulf of Thailand fields to add many years of economic field life through targeted ongoing activity. In 2025, we intend to pursue a full year of drilling operations across our portfolio, aimed at continuing our proven track record of adding reserves year on year to support continued cash flow generation."

Valeura drilled a five well program, comprising three production-oriented infill development wells and two appraisal wells. In aggregate, the company's Manora field working-interest-share oil production before royalties has increased from 2,144 barrels per day (December, 2024, average) to 2,866 barrels per day for the last 14-day period. Additionally, the appraisal objectives of the campaign have yielded between three and five potential future drilling targets, which will be further evaluated for inclusion in a future drilling program.

The A34 well was drilled for infill development targets within the deep 600-series sands in the field's eastern fault block. The well was successful and has been completed as a multizone comingled producer.

The horizontal A38 well was also drilled into the eastern fault block, with the objective of developing the shallower 300-series sands. It was completed as a producer, with the well design incorporating an innovative downhole autonomous inflow control device (ICD) to manage water versus oil production. The company is monitoring the impact of this and other ICDs deployed elsewhere on its fields to optimize the application of this technology across the portfolio.

The A36 well targeted sands across several known producing intervals in the field's main fault block and has been completed as a multizone infill development well. As is normal in many multizone wells, only the deepest targets are currently producing and the shallower zones will be brought on production later.

The A35 well successfully appraised several zones of interest within the shallower 300-series sands. While this appraisal well will not be used a producer (and accordingly has been plugged and abandoned), the results encountered have indicated the potential for three further development wells within this reservoir section, which will now be further studied and modelled for inclusion in future development drilling.The horizontal A37 well was drilled as a combination appraisal and development well. The well encountered an encouraging appraisal target in the 500-series sands, which is now being matured for inclusion in a future drilling campaign. The well's development target within the deeper 600-series sands was completed as a producer.

Following completion of the Manora drilling campaign, the company's contracted drilling rig has mobilized to Licence B5/27 (100-per-cent operated interest), where it is currently conducting a drilling program on the Jasmine C wellhead platform.

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 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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