Dr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES Q1 2026 OPERATIONS UPDATE

Valeura Energy Inc. has provided an operations and financial update for Q1 2026.

Highlights:

• Oil production averaged 22,300 barrels per day;
• Sales of 1,394,000 barrels (all occurring during January and February, 2026);
• Price realizations averaged $66.20 (U.S.) per barrel, resulting in revenue of $92.3-million (U.S.);
• Given lack of liftings in March, the company's crude oil inventory increased to 1,225,000 barrels, more than half of which has been lifted and sold since March 31, 2026;
• Purchased the Manora Princess floating storage and offloading (FSO) vessel for $15.5-million (U.S.);
• Cash position of $261.6-million (U.S.) at March 31, 2026.

Dr. Sean Guest, president and chief executive officer commented: "During Q1 2026, we delivered oil production exactly in line with our plan for the quarter. Much of that production contributed to an increase in oil held in inventory, meaning sales are deferred into Q2 2026, for which we stand to benefit from stronger oil prices.

"We are capitalizing on the opportunity to invest into our portfolio. In addition to ongoing drilling activity and our Wassana redevelopment project, we are pursuing options to accelerate various projects. Even after a heavy quarter of investing, the acquisition of the Manora Princess FSO and revenue coming only from the first two months of the year, our balance sheet remains strong, with $261.6-million (U.S.) in cash, and no debt as of March 31, 2026."

Q1 2026 update

Valeura's working interest share production before royalties was on plan for Q1 2026, averaging 22,300 barrels per day. The company sold a total of 1,394,000 barrels of oil, with all liftings/sales occurring in January and February, 2026. Realized prices averaged $66.20 (U.S.) per barrel, resulting in revenue of $92.3-million (U.S.).

With no liftings during March, 2026, the company's inventory of crude oil held in its floating storage vessels increased to 1,225,000 barrels at March 31, 2026 (versus 620,000 barrels at Dec. 31, 2025). Three cargos totalling 678,000 barrels were lifted in the first few days of April, 2026, which will generate revenue based on current oil pricing.

During Q1 2026, Valeura incurred capital spending in support continuing drilling operations and the Wassana field redevelopment project. As anticipated, 2026 spending is front-end loaded in the first half of the year. In addition, the company purchased the Manora Princess FSO vessel for $15.5-million (U.S.). The combined effect of this planned spending, along with much of the production revenue being recorded in early Q2 2026, as of March 31, 2026, Valeura had cash of $261.6-million (U.S.) (including restricted cash) and no debt.

Accelerating projects

In light of the substantially higher recent oil prices, Valeura is pursuing options to accelerate various projects across its portfolio.

During Q1 2026, Valeura sanctioned a $7-million (U.S.) project to expand the Nong Yao A platform with four additional well slots increasing the total capacity of the platform to 28 well slots. Engineering work is now under way, and the project is targeting readiness for drilling from these four new well slots in Q4 2026.

The company is evaluating options to increase the amount of drilling activity it can do in 2026. Under its original plan, Valeura envisaged a total of eight months of drilling activity during the year. The company is now in advanced discussions with drilling rig contractors on the potential to drill further wells in Q4 2026.

In addition, with construction activity on the new-build Wassana central processing platform (CPP) proceeding ahead of schedule (overall project completion of 60 per cent at March 31, 2026), Valeura is evaluating the potential to expedite installation of the CPP.

Valeura intends to update its spending and production guidance in due course, pending successful progress on these acceleration projects.

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.

We seek Safe Harbor.