Dr. Sean Guest reports

VALEURA ENERGY INC ANNOUNCES FIRST QUARTER 2026 RESULTS

Valeura Energy Inc. has released its unaudited financial and operating results for the three-month period ended March 31, 2026.

The complete quarterly reporting package for the company, including the unaudited financial statements and associated management discussion and analysis are being filed on SEDAR+ and posted the company's website.

Highlights:

• Oil production of 2.0 million barrels, averaging 22,326 barrels per day;
• Oil sales of 1.4 million barrels, resulting in an increase in crude oil inventory;
• Adjusted opex (operating expenditure) of $25.40 (U.S.) per barrel, in line with the company's guidance expectations and operating costs of $15.60 (U.S.) per barrel;
• Adjusted cash flow from operations of $21.3-million (U.S.);
• Purchased the Manora Princess floating storage and offloading (FSO vessel for $15.5-million (U.S.);
• Net cash of $261.6 million (U.S.), with no debt.

Subsequent to Q1 2026:

• Record monthly oil sales in April, 2026, of 820,000 barrels at an average realized price of $110.40 (U.S.) per barrel, resulting in $90.3-million (U.S.) in revenue;
• Announced a $7-million (U.S.) project to add four additional well slots to the Nong Yao A platform;
• Chartered the Shelf Drilling Enterprise jack-up drilling rig for a term of three years.

Dr. Sean Guest, president and chief executive officer, commented: "Our Q1 2026 performance demonstrates the resilience of our portfolio. We generated positive cash flow from operations, even with oil sales only from two months of the quarter and at relatively low realized prices of $66.20 (U.S.) per barrel. While we are pleased with this outcome, we are excited by the potential of Q2, which we believe is poised for a very strong financial performance. As a result of the potential March sales being deferred into the higher oil price environment in April, we generated revenue of $90.3-million (U.S.) in April, nearly as much as our total revenue for Q1.

"While we have no control over global benchmark oil prices, we do have control over our operations, and, on that front, we have recorded another strong performance, with both operating costs and production outcomes exactly in line with our guidance expectations.

"We are also remaining nimble with our work program and have moved swiftly to set ourselves up for more drilling in the near term, both by way of a long-term contract to charter the Enterprise drilling rig and by expanding our Nong Yao facility to expedite drilling on what is our most profitable field.

"We remain focused on growing our business too. That includes progressing both exploration and development planning work in relation to our large farm-in blocks G1/65 and G3/65, where we are earning a 40-per-cent working interest. At the same time, we continue to pursue a suite of inorganic opportunities, guided always by the principle of adding value for our stakeholders through growth."

Guidance

Production is currently on target and Valeura is maintaining its original full-year 2026 guidance. Guidance on full-year adjusted opex is also maintained, although the company acknowledges that this metric is influenced by the cost of diesel fuel and is therefore currently trending above expectations as a result of the recent higher oil price environment.

The capital projects associated with Valeura's original 2026 work program are all currently on budget; however, the company is revising upward its adjusted capex (capital expenditure) guidance based on increased scope of work. This includes the Nong Yao A platform expansion and the company's plan to do additional drilling in Q4. Spending on these endeavours is well covered by the company's strong net cash position and continuing cash flow which is significantly boosted by the high oil price.

Sustainability

Valeura's 2025 sustainability reporting data were approved by the company's board of directors and have been made available on the company's website, under the sustainability section. The report highlights continuing positive progress across the spectrum of environmental, social and governance responsibilities. Notably, Valeura again reduced its greenhouse gas emissions intensity, which has decreased by 30 per cent since the company initially assumed operatorship of its Thailand portfolio. In addition, the company has also published a report on its compliance with the Fighting Against Forced Labour and Child Labour in Supply Chains Act (commonly referred to as Canada's Modern Slavery Act) and has uploaded its latest annual report in accordance with Canada's Extractive Sector Transparency Measures Act.

Webcast

Valeura's annual general and special meeting of shareholders is scheduled for today, May 14, 2026, at 4 p.m. in Calgary. Shareholders may attend in person, as further detailed in the management information circular, which was mailed to shareholders and is available on the company's website and on SEDAR+. A webcast of the live event is accessible. In addition to the meeting, Valeura's management will discuss the Q1 2025 results and will host a question-and-answer session. Written questions may be submitted through the webcast system or by e-mail to IR@valeuraenergy.com.

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.