First Quarter 2026 Results

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries)                  +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com

Valeura Energy Inc. (Investor and Media Enquiries)                +1 403 975 6752
Robin James Martin, SVP, Communications and Investor Relations
IR@valeuraenergy.com

Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Beacon Securities Limited, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, Roth Canada Inc., and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and Türkiye.  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.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Non-IFRS Financial Measures and Ratios

Adjusted EBITDAX: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards.  This non-IFRS financial measure is included because management uses the information to analyse the financial performance of the Company.  Adjusted EBITDAX is a non-IFRS and non-standardised variant of EBITDAX, adjusted to remove non-cash items as well as certain non-recurring costs including severance payments and other one-off items in relation to the Company’s recent acquisitions.  Adjusted EBITDAX is calculated by adjusting profit for the period before other items as reported under IFRS Accounting Standards to exclude the effects of other income, exploration, SRB, finance income and expense, depletion, depreciation & amortisation (“DD&A”), other costs, and certain non-cash items (such as impairments, foreign exchange, unrealised risk management contracts, reassessment of contingent consideration and gains or losses arising from the disposal of capital assets). In addition, share-based compensation is excluded from adjusted EBITDAX, as the expenses are not indicative of the underlying financial performance of the Company.

1. Items are not shown in the Financial Statements. – see the Adjusted G&A Expenses section for more details.

Adjusted opex and adjusted opex per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio respectively, which do not have standardised meanings prescribed by IFRS Accounting Standards.  This non-IFRS financial measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company.  Operating cost represents the operating cash expenses incurred by the Company during the period including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, floating production, storage, and offloading vessels (“FPSO”), MOPUs, and warehouses.  Adjusted opex is calculated by effectively adjusting non-cash items from the operating cost and adding lease costs.

Adjusted opex is divided by production in the period to arrive at adjusted opex per barrel.  Valeura calculates adjusted opex per barrel to provide a more consistent indication of the cost of field operations.  Adjusted opex, as opposed to operating expenses, excludes the impacts of non-recurring, non-cash items such as prior period adjustments, and adds back lease costs in relation to FSOs, FPSOs, MOPU, and other facilities.

1. Operating costs, derived from the Interim Financial Statements, are presented net of crude oil inventory capitalisation
2. The item is not shown in the Financial Statements. The cost of crude inventory is capitalised from operating costs. As a result, the Company has excluded the effect of crude inventory capitalisation.
3. In accordance with IFRS 16 Leases, the Company recognised cost related to its operating leases – attributed to FSO and FPSO vessels and MOPU used at its Jasmine/Ban Yen, Nong Yao, Manora, and Wassana fields, as well as onshore warehouse facilities costs to its balance sheet and finance cost in the profit and loss statement. In order to report a more relevant lifting cost, the Company has included costs associated with these leases in the adjusted operating cost calculation. This will be a recurring adjustment.

Adjusted G&A expenses: is a non-IFRS financial measure, which does not have standardised meanings prescribed by IFRS Accounting Standards.  This non-IFRS financial measure is included because management uses the information to analyse cash generation and financial performance of the Company.  G&A expenses represent the administrative expenses incurred by the Company during the period, including personnel and office expenses, share-based compensation, severance, IT licences and consultancy and professional services.  To analyse the Company’s cash generation and financial performance, adjusted G&A expenses is calculated by deducting non-cash items such as the provision for severance, and share-based compensation, from the G&A expenses reported in the financial statements.

1. Adjusted G&A expenses are newly presented in the current period.

Adjusted cashflow from operations and adjusted cashflow from operations per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio respectively, which do not have a standardised meaning prescribed by IFRS Accounting Standards.  This non-IFRS finance measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company.  Adjusted cashflow from operations is calculated using two methods which generate the same figures: a) by subtracting from oil revenues, adjusted opex, royalties, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA taxes and SRB expenses, and b) to enhance and facilitate to the reader a reconciliation of this non-IFRS measure, the Company also presented the adjusted cash flow from operations by calculating from cash generated from (used in) operating activities in the consolidated statement of cash flows, adjusting with non-cash items, adjusted opex, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA tax and SRB expenses.

Adjusted cashflow from operations is divided by production in the period to arrive at adjusted cashflow from operations per bbl. Valeura calculates adjusted cashflow from operations per barrel, to provide a more consistent indication of cashflow generated from operations by the Company.

1. Adjusted G&A expenses are newly applied to present adjusted cash flow from operations.
2. Prior year adjusted pre-tax cashflow from operations and Adjusted cashflow from operations are revised to align with the current period’s presentation

Outstanding debt and net cash: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards.  These non-IRFS financial measures are provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company.  These non-IFRS measures are used to ensure capital is managed effectively in order to support the Company’s ongoing operations and needs.

 Net working capital and adjusted net working capital: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards.  These non-IFRS financial measures are included because management uses the information to analyse liquidity and financial strength of the Company.  Net working capital is calculated by deducting current liabilities from current assets.  Adjusted net working capital is calculated by adding back the current leases liabilities and including non-current restricted cash in net working capital.

The leases are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses which are included in the Company’s disclosed adjusted opex (and adjusted opex guidance).  Management believes the adjusted net working capital provides a useful data point to the reader to ascertain the business’ next-twelve-months surplus or deficit capital requirement.  It is also a data point that management uses for cash management.

Adjusted capex: is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS Accounting Standards.  Adjusted capex is defined as the addition in capital expenditure for capital work-in-progress, drilling, brownfield, and other PP&E. Management uses this non-IFRS measure to analyse the capital spending of the Company and assess investments in its assets.

1. Capital work-in-progress represents expenditures related to the Wassana redevelopment project incurred prior to the commencement of production.

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation.  Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future.  Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.  Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.  Forward-looking information in this news release includes, but is not limited to: timing and cost for the project to add four additional wells slots to the Nong Yao A platform; timing for the arrival of the Enterprise rig; the Company’s expectations for the potential of Q2 2026; the potential for a strong financial performance in Q2 2026; completion of the transfer of Valeura’s 40% working interest in Blocks G1/65 and G3/65 pursuant to the farm-in and such farm-in receiving approval of the Thailand Government; the Company’s expectations that it will continue to pursue inorganic opportunities; reduced costs as a result of owning, rather than leasing, the Manora FSO and timing for payback; the Company’s expectation that it will evaluate operating costs by operating costs rather than adjusted opex in the future; timing for completion of the Nong Yao drilling campaign; timing for installation of the Wassana CPP and timing to achieve first oil production; the Company’s expectation that the potential of the Wassana field south satellite area to have more potential than the northern satellite area; the Company’s exploration drilling expectations on the Wassana field south satellite area and the anticipated timing thereof; the expected remaining field life of the Manora field; the potential to develop the exploration accumulation in Licence G1/48 via tie-in to the Manora platform; timing for a Bussabong gas development FID; timing for exploration drilling on Blocks G1/65 and G3/65; Valeura’s expectations to release its finding on the Blocks potential and the timing of FID thereof; timing to resume Devepinar-1 testing operations; the ability for success with Devepinar-1 to lead to similar long-term test of other deep wells in the deep gas play; the transfer of West Thrace interests to Transatlantic and the anticipated timing thereof; plans for drilling exploration commitment wells on the West Thrace and Banarli Licences; the Company’s expectations that the West Thrace and Barnali Licences will be extended; and 2026 guidance estimates and anticipated outcomes.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the ongoing conflicts between the U.S.-Israel and Iran, and between Russia and Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties.  Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk.  A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the Company’s most recent annual information form and the MD&A for a detailed discussion of the risk factors.

The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.  The forward-looking information contained in this new release is expressly qualified by this cautionary statement.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful.  This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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