Dr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES Q1 2025 OPERATIONS AND FINANCIAL UPDATE

Valeura Energy Inc. has provided an update on Q1 2025 operations.

Highlights

• Operations continuing smoothly, with oil production averaging 23.9 mbbl/d (million barrels of oil per day):
  • Continual program of development and appraisal drilling throughout the quarter;
  • Strong continuing safety performance, with no lost-time injuries.
• Strong cash position at March 31, 2025, of $238.3-million (U.S.), and no debt:
  • Taxes paid of $39.2-million (U.S.) in Q1;
  • Repurchased 963,401 shares in Q1.
• Resilient ongoing business based on strong balance sheet and cash flow, creating growth optionality in the current volatile climate.

Dr. Sean Guest, president and chief executive officer, commented: "Our strong operational and financial performance continued throughout Q1 2025, and our business is more resilient than ever. With our corporate restructuring completed in November, 2024, and the final tax payment under the previous structure now behind us, we see an energized ability to generate cash flow as we look at the remainder of 2025.

"We are carefully monitoring the current volatile market conditions while simultaneously reviewing and optimizing our expenditures. However, our strong financial position with cash of $238-million (U.S.) and no debt makes Valeura not only resilient, but also well positioned for attractive inorganic opportunities that may emerge during such a turbulent market environment.

"Notwithstanding the recent market volatility, we are maintaining all of our previously disclosed guidance assumptions for the year."

Q1 2025 update

Valeura's working interest share production before royalties averaged 23.9 mbbl/d during Q1 2025, a decrease of 8.4 per cent from Q4 2024. Rates were affected by a planned seven-day annual maintenance shutdown of the Nong Yao field near the end of the quarter. All planned work on the Nong Yao facilities was conducted safely and under time and budget with production resuming on April 1, 2025. Valeura reiterates its full year 2025 production guidance outlook of 23.0 mbbl/d to 25.5 mbbl/d.

Oil sales totalled 1.88 million bbl during Q1 2025, less than the 2.15 million bbl produced. Sales were lower than in Q4 2024 and reflect the fact that at the beginning of the quarter, the company had record low crude oil in inventory. At the end of the quarter Valeura had 890,000 bbl in inventory, which is expected to be sold in Q2 2025 (including a lifting of approximately 250,000 bbl which was sold on April 1, 2025).

Price realizations averaged $78.7 (U.S.)/bbl during Q1 2025, reflecting a $2.9 (U.S.)/bbl premium over the Brent crude oil benchmark. Oil revenue during Q1 2025 was $148.1-million (U.S.), 35 per cent lower than Q4 2024. The quarter-on-quarter difference is due to less oil volumes sold, and also one sale occurring very late in the quarter, for which revenue is expected to be received in April, 2025. Accordingly, the company recorded a receivable associated with that lifting of approximately $30-million (U.S.) as at March 31, 2025.

In addition to routine operating costs and planned capital spending, the company has made a final tax payment of $39.2-million (U.S.) in connection with its corporate restructuring that was completed in November, 2024. This payment effectively completes the tax obligations for its Thai III licences under their previous organization structure, and became due in Q1 2025, earlier than usual tax payments for Thai III licences which are payable in May and August of each year. Following the restructuring, petroleum income tax loss carry forwards that were previously associated with only the Wassana asset are now being applied to all of the company's Thai III petroleum concessions, being Wassana, Nong Yao and Manora, thereby resulting in a more efficient tax structure for the business.

While the company acknowledges the global market and oil price volatility experienced in early April, 2025, at this time, Valeura reaffirms all of its guidance outlook expectations for 2025. The company maintains a scenario-based approach to planning its investments, driven largely by forecast oil prices. Recent market conditions underscore the importance of such an approach, but more importantly highlight the value of maintaining a strong balance sheet so as to capitalize on emerging inorganic growth opportunities. As of March 31, 2025, Valeura had $238.3-million (U.S.) in cash, with no debt.

During the quarter, the company acquired 963,401 shares as part of its NCIB program.

Operations update

Valeura provided an operations update on March 25, 2025, along with its announcement of results for Q4 and the full year 2024. Since that time, the company has been conducting a drilling campaign on the Jasmine/Ban Yen field, and will provide an update in due course.

On March 28, 2025, an earthquake struck central Myanmar, which borders Thailand to the northwest. All Valeura's personnel were confirmed safe and all facilities continue to operate safely.

Results timing and AGM

Valeura intends to release its full unaudited financial and operating results for Q1 2025 on May 14, 2025, and will discuss the results in more detail through a management webcast hosted in conjunction with its annual general meeting of shareholders later that day. The notice of meeting and related management's information circular have been mailed to shareholders and are available on the company's website and on SEDAR+.

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.