Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES Q3 2023 OPERATIONAL UPDATE

Valeura Energy Inc. has provided an operational update for Q3 2023.

The company's net working interest oil production averaged 19,961 barrels/day during Q3 2023. Production performance from continuing operations on its Jasmine, Nong Yao and Manora oil fields was relatively unchanged from the prior quarter as the impact of recently drilled production wells has effectively offset the impact of natural declines.

Production at the Wassana oil field was off-line throughout most of the quarter, following the company's precautionary suspension on July 7, 2023, to address safety concerns with operating practices on the third party owned and operated floating storage and offloading vessel (FSO). Valeura is planning to implement a phased transition to a new subcontractor to operate the FSO, resulting in production resuming in Q4 2023.

During the quarter, Valeura drilled a total of seven wells across its portfolio, with a 100-per-cent success rate. Drilling activity included two appraisal wells on the Wassana field which have increased the company's expectation for recoverable oil from the field. The company has begun the concept selection phase of a project to expand the development of the Wassana field to realize this increased potential.

As of Sept. 30, 2023, the company's net cash balance had increased to $103.4-million (U.S.) (versus $87.6-million (U.S.) as of June 30, 2023), after having paid petroleum income taxes (PITA) of $29-million (U.S.) and repaying $21.2-million (U.S.) of its outstanding debt during the quarter. As of Sept. 30, 2023, the company's outstanding debt had been reduced to $12.9-million (U.S.).

Sean Guest, president and chief executive officer, commented:

"We have had a strong operational performance across our portfolio during Q3. Our Jasmine, Nong Yao and Manora fields all continue to demonstrate how infill drilling can sustain production rates. Meanwhile at Wassana, our appraisal wells have confirmed the potential for a larger scale of growth than previously envisaged and our team is working to select an appropriate redevelopment concept for the field while we prepare to resume production operations in Q4.

"Our balance sheet remains robust and we are continuing to pay down debt while building cash. Even after having funded our operations and capital investments, and making cash payments of more than $50-million (U.S.) toward PITA taxes and debt reduction, our net cash position has increased. We are building a highly cash generative business and establishing a solid financial foundation to support further growth."

Valeura intends to announce its complete Q3 2023 financial and operating results during the second week of November, 2023. Specific timing and webcast details will be confirmed in due course.

About Valeura Energy Inc.

Valeura Energy is a Canada-based 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.