Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES BLOCK B5/27 DRILLING RESULTS

Valeura Energy Inc. has completed an eight-well drilling campaign at Licence B5/27 (100-per-cent-operated working interest) offshore the Gulf of Thailand.

Sean Guest, president and chief executive officer, commented: "Block B5/27 is a prime example of how, with ongoing drilling activity, we can continue to commercialize new accumulations to maintain a stable and predictable stream of cash flow from each of our Gulf of Thailand assets. At the same time, we have appraised several additional reservoir intervals, which will form the basis of a future drilling campaign on the block. We expect to demonstrate further reserves adds at our next year-end reserves evaluation, giving rise to yet another extension in the economic life of the field."

Jasmine C

Valeura drilled two development wells from the Jasmine C platform. Both wells were successful and exceeded management's expectation for total oil pay and are currently on line as producers.

Well C-30ST1H was drilled as a horizontal lateral within the 400 sand reservoir and was completed as an oil producer. The well's completion design includes an autonomous inflow control device, which has made it possible to complete the well as an oil producer despite being drilled into a mixed gas/oil transition zone.

Well C-39 was directionally drilled to develop three separate reservoir intervals (the 330, 160 and 50 sands) and was successful with all targets. It was completed as a multizone producer, with the 330 interval now on line.

Ban Yen A

The company drilled three wells from the Ban Yen A platform. Two were primarily development wells with additional appraisal targets, and one was a dedicated appraisal well. The two development wells were successful, having exceeded expectations for total pay, and are on line contributing to production.

Well BYA-35ST1 was drilled as a deviated multiobjective well. The well successfully developed remaining oil volumes from multiple already-producing reservoirs and was completed for production from a total of six sand reservoirs, which will be produced sequentially. In addition, the well appraised several targets which will now be matured for inclusion in a future development drilling program. Total oil pay encountered was approximately double management's predrill estimates.

Well BYA-42 was drilled as a deviated well targeting remaining oil in a single reservoir interval (the 50 sands) and has been completed as a producer. In addition, the well also successfully appraised two shallower reservoir targets, being the 480 and 260 sands, which are being evaluated as potential future infill drilling locations.

Well BYA-41 was an appraisal well drilled to evaluate the potential of the 50-series reservoir sands. The well encountered oil and identified a deeper oil-water contact than predicted, but the reservoir target was found to be poorly developed at this location, resulting in small volumes. As a result, the company has chosen not to complete the well as a producer but will integrate the data gathered into its models, with the objective of identifying alternative locations in the vicinity to develop this reservoir.

Jasmine D

Valeura drilled two deviated development wells from the Jasmine D platform. Both were successful and are now contributing to production.

Well D-44 was drilled as a deviated development well with multiple targets. The well encountered its primary targets (the 500- and 600-series sands) as intended, successfully accessing remaining oil at the structure's crest. In addition, the well verified upside in all of its secondary targets, covering five additional reservoir sands, which indicate the potential for further development of this fault block in the future.

Well D-45 was also drilled as a deviated development well into the block's main fault block. The well encountered oil in all three of its primary targets (the 250, 245 and 160 sands) and was completed as a multizone producer. In addition, the well encountered oil in its secondary 680 sand target, which will be developed by an additional well as part of a future development campaign.

Ratree

The Ratree exploration well intersected its target sand reservoirs as prognosed but encountered only trace amounts of hydrocarbons. Results suggest that oil did not migrate to this particular reservoir trend, resulting in insufficient hydrocarbon charge. Further prospective trends within the B5/27 block are being evaluated for future exploration potential.

The Block B5/27 drilling program was completed safely, on time and under budget. As a result of the campaign, the company has maintained oil production rates approximately consistent with its Q1 performance, thereby offsetting the impact of natural declines.

The company's contracted drilling rig is now being mobilized to the Nong Yao field, where the company plans to drill a program of approximately 10 development wells.

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.