Thailand

G10/48

(Wassana field) 

Valeura holds an operated 100% working interest in Licence G10/48, which contains the Wassana oil field, in water depth of approximately 48 metres in the Pattani basin, in the Gulf of Thailand.  

B5/27

(Jasmine and Ban Yen fields) 

Valeura holds an operated  100% interest in Licence B5/27, which contains the producing Jasmine and Ban Yen oil fields, located in the northern portion of the Pattani basin of the Gulf of Thailand, in 60 metres of water.   

G1/48

(Manora field) 

Valeura holds a 70% operated working interest in Licence G1/48, which contains the producing Manora oil field, located in the Kra sub- basin, a north-west extension of the Pattani basin in the Gulf of Thailand, in 45 metres water depth. 

G11/48

(Nong Yao field) 

Valeura holds a 90% operated working interest in Licence G11/48, which contains the producing Nong Yao oil field, located in the central portion of the Pattani basin of the Gulf of Thailand, in 75 metres water depth. 

Prospectivity

• Proven petroleum systems 
• Relatively benign offshore operating conditions in shallow water 
• Mid-life fields with opportunities to extend field life through infill drilling and step-out exploration 
• Remaining undeveloped oil accumulations 
• Ongoing deal flow including exit of majors IOCs 

Positive Business Environment

• Attractive fiscal terms under a concession system: 
• Thailand I terms: 12.5% royalty, 50% petroleum income tax 
• Thailand III terms: 5-15% royalty, 50% petroleum income tax, 0-75% progressive “special remuneration benefit” on windfall profits 
• Tax losses carried forward up to 10 years 

Re-activated oil field with exciting upside potential

Valeura holds a 100% operated interest in Licence G10/48 containing the Wassana oil field, which is a collection of crude oil-bearing sandstone reservoir intervals of Miocene age.  The field is estimated to contain 2P reserves of 19.7 MMbbls of oil as of 31 December 2025 on a gross (before royalties) basis*.  

Production operations (which were suspended under the previous owner) have resumed under Valeura’s operatorship.  Through exploration and appraisal drilling, Valeura has identified the potential to increase output from the field through a re-development project, for which the Company took a positive final investment decision in Q2 2025.  The field’s production is medium-weight crude oil. 

The Wassana field was developed by way of production wells drilled off a Valeura-owned Mobile Offshore Production Unit (“MOPU”). Crude oil is processed at the MOPU and is stored in a leased Floating Storage and Offloading vessel.  The Company is pursuing a redevelopment of the Wassana field, which will entail a new-build central processing platform which is planned to commence production operations in Q2 2027.  

Valeura initially acquired an operated 89% working interest through a transaction that was completed on 15 June 2022, and acquired the remaining 11% interest in April 2023. 

* Reserves and resources estimates are based on an independent third party reserves and resources assessment by Netherland, Sewell & Associates, Inc. as of 31 December 2025 and more fully described in the Company’s 10 February 2026 announcement. 

Stable mid-life oil fields

Valeura holds a 100% operated interest in Licence B5/27 containing the producing Jasmine and Ban Yen oil fields.  The fields produce light sweet crude oil from several stacked channel sand reservoirs of Miocene age.  Together, the Jasmine and Ban Yen fields contain 21.2 million bbls of 2P oil reserves on a gross (before royalties) basis.* 

The fields have been developed by wells connected to a network of infrastructure including various pipelines and six topside facilities which perform crude oil separation and water treatment/disposal.  Production is processed and stored on a leased Floating Production Storage and Offloading vessel.    

* Reserves and resources estimates are based on an independent third party reserves and resources assessment by Netherland, Sewell & Associates, Inc. as of 31 December 2025 and more fully described in the Company’s 10 February 2026 announcement. 

Modest size, later life oil field

Valeura holds an operated 70% working interest in Licence G1/48 containing the Manora oil field, which produces medium-weight sweet crude oil from reservoirs of Miocene age.  The field contains 2.9 million bbls of 2P oil reserves on a gross (before royalties) working interest share basis.* 

The field was developed by wells drilled from a single fixed wellhead and processing platform tied to a Valeura-owned Floating Storage and Offloading vessel.   

The remaining 30% interest in the licence is held by TIS Energy. 

* Reserves and resources estimates are based on an independent third party reserves and resources assessment by Netherland, Sewell & Associates, Inc. as of 31 December 2025 and more fully described in the Company’s 10 February 2026 announcement. 

High-value oil field

Valeura holds an operated 90% working interest in Licence G11/48 containing the Nong Yao oil field, which produces medium sweet crude oil from reservoirs of Miocene age.  The Nong Yao oil field contains 13.9 million bbls of 2P oil reserves, on a gross (before royalties) working interest share basis.* 

The Nong Yao field has been developed by wells, drilled from two wellhead platforms and a mobile offshore production unit, which are connected to a Valeura-owned Floating Storage and Offloading vessel.   

Production has grown under Valeura’s operatorship, owing largely to commercialisation of a southern extension of the field known as the Nong Yao C accumulation, which came on stream in Q2 2024. 

In addition, Valeura has identified various additional small oil accumulations on the block, which will be the subject of future study to assess development potential. 

The remaining 10% interest in the licence is held by Palang Sophon.  

* Reserves and resources estimates are based on an independent third party reserves and resources assessment by Netherland, Sewell & Associates, Inc. as of 31 December 2025 and more fully described in the Company’s 10 February 2026 announcement.