Operations

Valeura holds a portfolio of operated oil-producing assets in the offshore Gulf of Thailand and seeks to grow its operational presence both through organic development and through the mergers and acquisitions market in Southeast Asia. 

In addition, the company holds an operated interest in a deep, tight gas appraisal play in the Thrace Basin of north-west Turkey.

Reserves and Resources

Thailand

Valeura holds an operated working interest in four licences located offshore in the Gulf of Thailand.

Reserves and Contingent Resources for all of Valeura’s Gulf of Thailand assets were most recently assessed by Netherland, Sewell & Associates, Inc. effective 31 December 2025, and were summarised in the Company’s announcement on 10 February 2026 for all four fields. 

Summary of Valeura’s aggregate Thailand Reserves and Contingent Resources as of 31 December 2025:

Proved (1P) reserves of

37.9

MMbbls

1P NPV10 of US$

$401.1

Million Before Tax

/

$370.6

Million After Tax

Proved (2P) reserves of

57.8

MMbbls

2P NPV10 of US$

$871.9

Million Before Tax

OR

$692.0

MMbbls

Best (2c) aggregate unrisked contingent resources of

39.5

MMbbls

OR

7.0

MMbbls

on a risked basis.

• Oil and gas reserves by field based on forecast prices and costs:

  Reserves by Field		Gross (Before Royalties) Reserves, Working Interest Share (Mbbls)
  		Jasmine (Light/Med.)	Manora (Light/Med.)	Nong Yao (Light/Med.)	Wassana (Heavy)	Total
  Proved	Producing Developed	6,465	1,557	4,751	1,319	14,091
  	Non-Producing Developed	1,413	77	153	432	2,074
  	Undeveloped	3,301	842	3,823	13,753	21,719
  Total Proved (1P) Oil and gas reserves by field based on forecast prices and costs:		11,179	2,476	8,726	15,504	37,884
  Total Probable (P2)		10,032	469	5,193	4,201	19,896
  Total Proved + Probable (2P)		21,211	2,945	13,919	19,705	57,780
  Total Possible (P3)		6,295	475	4,120	2,569	13,459
  Total Proved + Probable + Possible (3P)		27,506	3,420	18,039	22,274	71,238

• Net present values of future net revenue based on forecast prices and costs:

  Future Net Revenue by Field		Before Tax NPV10 (US$ million)
  		Jasmine (Light/Med.)	Manora (Light/Med.)	Nong Yao (Light/Med.)	Wassana (Heavy)	Total
  Proved	Producing Developed	(53.7)	(8.1)	25.7	34.3	(70.5)
  	Non-Producing Developed	63.6	4.5	7.0	20.0	95.2
  	Undeveloped	(5.4)	3.4	98.6	279.8	376.4
  Total Proved (1P)		4.4	(0.2)	131.3	265.5	401.1
  Total Probable (P2)		222.5	18.9	177.4	52.0	470.8
  Total Proved + Probable (2P)		226.9	18.7	308.7	317.6	871.9
  Total Possible (P3)		201.6	19.4	150.5	61.2	432.7
  Total Proved + Probable + Possible (3P)		428.6	38.2	459.1	378.8	1,304.6

• Contingent oil resources:

  Contingent Resources	NSAI 2023 Report Gross (Before Royalties) Working Interest Share		NSAI 2024 Report Gross (Before Royalties) Working Interest Share		NSAI 2025 Report Gross (Before Royalties) Working Interest Share
  	Unrisked (MMbbls)	Risked (MMbbls)	Unrisked (MMbbls)	Risked (MMbbls)	Unrisked (MMbbls)	Risked (MMbbls)
  Low Estimate (1C)	15.2	6.5	29.4	9.2	29.9	10.3
  Best Estimate (2C)	19.9	8.9	48.5	13.5	39.5	7.0
  High Estimate (3C)	27.9	11.6	72.1	18.0	58.9	8.9

Türkiye

Valeura views its deep gas play in Türkiye as a core constituent of its portfolio and believes this play to be a material source of potential long-term value for shareholders.

There are currently no reserves associated with the Company’s Turkish assets.

The Company last completed an independent assessment of its prospective resources in Türkiye, effective December 31, 2018, which is available under Valeura’s issuer profile on SEDAR+ at www.sedarplus.com. 

Locations

Thailand

Valeura holds an operated working interest in four shallow water offshore licences in the Gulf of Thailand.

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Turkey

Valeura has an operated interest in 0.407 million gross acres (0.337 million net acres) of prospective deep rights in the Thrace basin of northwest Türkiye.  The lands cover substantially all of the acreage associated with an emerging tight gas appraisal play. 

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