Dr. Sean Guest reports

VALEURA ENERGY INC ANNOUNCES Q3 2026 OPERATIONS UPDATE

Valeura Energy Inc. has provided an operations and financial update for Q3 2026.

Highlights:

• Oil production averaged 22,100 barrels per day;
• Sales of 2,013,000 barrels;
• Price realizations averaged $97.4 (U.S.) per barrel, resulting in revenue of $196.1-million (U.S.);
• Cash position of $384.9-million (U.S.) at Sept. 30, 2026, and no debt;
• Exploration discovery on Block G1/48(3) -- the Suraphi oil field;
• Final investment decision on the first phase of development of the Bussabong gas field, on Block G3/65(4);
• Milestone cumulative production of 100 million barrels of oil from the Jasmine field as of Sept. 21, 2026;
• Early completion of onshore construction of the Wassana central processing platform (CPP), on track for accelerated installation in the field in Block G10/48(6), starting in October, 2026.

Dr. Sean Guest, president and chief executive officer, commented: "Our Q3 2026 production was exactly on plan and once again confirms our guidance expectations for the full-year 2026. Operational performance has been very strong, with no deviations from our high standards on health, safety and environmental stewardship. At the same time, our financial performance has been remarkable as the company is able to capture full benefit of current oil prices as it carries no hedging, operates under simple tax/royalty-based fiscal terms and benefits from historic tax loss carryforwards. Our balance sheet is stronger than ever before, with $385-million (U.S.) in cash and no debt.

"During Q3, we advanced several strategic priorities, including securing government approval for our Block G1/65 and G3/65 farm-in and thereafter taking a final investment decision to pursue the first phase of gas development on the Bussabong field. We are also encouraged by the potential for additional oil development on Block G1/48 as a result of our exploration discovery of the Suraphi field, which we believe has the potential to extend the productive life of the Manora field and may support further exploration and development opportunities in the area.

"We also achieved a key milestone at our Jasmine field this quarter, with cumulative production hitting the milestone of 100 million barrels of oil produced to date. More recently, our Wassana redevelopment project achieved a key milestone as well. Onshore construction of our new-build CPP was completed early and is on track for accelerated installation, starting in October, 2026.

"Operationally and financially, our business is delivering extremely well and I am pleased to see external recognition of this across all aspects of our business. This quarter, we were recognized by the Toronto Stock Exchange as one of the top 30 performing companies based on three-year share price performance. We received four awards from the Thailand Ministry of Environment for our environmental monitoring practices. And finally, our company's approach to adopting new technology was recognized by the Society of Petroleum Engineers in Thailand in response to our introduction of complex multilateral drilling at the Nong Yao field."

Q3 2026 update

Valeura's working interest share production before royalties was on plan for Q3 2026, averaging 22,100 barrels per day. The company sold a total of 2,013,000 barrels of oil during the quarter with average realized prices of $97.4 (U.S.) per barrel, resulting in revenue of $196.1-million (U.S.). Revenue includes crude oil receivables of $22.5-million (U.S.) at Sept. 30, 2026, in respect of oil sales just prior to the end of the quarter. The company anticipates collecting upon such receivable in the early part of Q4 2026.

The company's cash position increased to $384.9-million (U.S.) at Sept. 30, 2026. Valeura has no debt.

Wassana CPP completion

Onshore construction of the Wassana CPP was fully completed on Oct. 1, 2026. The jacket and the CPP have been loaded on to vessels for transportation and installation on the field, starting in October. This follows the installation of an oil export pipeline, which will connect the new CPP to the floating storage and offloading vessel, which was completed in September, on plan and budget. The company is planning to begin development drilling late in 2026.

Over all, the company's plan to accelerate the original Wassana redevelopment project schedule by approximately two months is on track. Management continues to forecast first oil production from the CPP at approximately the beginning of Q2 2027.

Results timing

Valeura intends to release its full unaudited financial and operating results for Q3 2026 on Nov. 11, 2026, and will discuss the results in more detail through a management webcast.

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 executing a growth-oriented strategy, reinvesting into its producing asset portfolio while deploying capital toward further organic and inorganic growth across Southeast Asia. Valeura is committed to delivering value-accretive growth for all stakeholders, underpinned by high standards of environmental, social and governance responsibility.

Unaudited financial information

Certain anticipated financial and operating results for Q3 2026 in this news release are preliminary estimates based on unaudited financial information. These preliminary figures have not been audited or reviewed by the company's auditor and remain subject to change, which changes could be material, upon completion of the company's unaudited interim financial statements for the three and nine months ended Sept. 30, 2026, and management's final review.

We seek Safe Harbor.