Dr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES COMPLETION OF NONG YAO DRILLING CAMPAIGN

Valeura Energy Inc. has completed an eight-well drilling campaign on its Nong Yao field in the offshore Gulf of Thailand, which includes the company's first-ever multilateral development well.

Dr. Sean Guest, president and chief executive officer, commented: "We continue to access new oil reservoirs with ongoing drilling and have again increased production from the Nong Yao field, our largest producing asset. Moreover, in this campaign, our team has demonstrated the potential for multilateral drilling in the Gulf of Thailand as a way to enhance the efficiency of what is already a world-class drilling and completions organization. This continues our long tradition of embracing new technology and sets the stage to deploy this approach broadly across our portfolio."

Nong Yao drilling

Valeura drilled eight new wellbores into its Nong Yao field (block G11/48, 90-per-cent operated working interest). The program included one appraisal well, which encountered its target as intended, and will give rise to future development drilling at the Nong Yao A platform. The remaining seven were drilled as horizontal development wells from both the Nong Yao A and B platforms, all encountering their targets successfully and being brought on line as producers. Among the development wells was NYA-42ST1H, which set a new Gulf of Thailand record for the longest horizontal lateral ever drilled, measuring 4,960 feet.

Aggregate oil production volumes from the Nong Yao field have increased as a result of both the drilling campaign and also a well workover campaign conducted concurrently on the Nong Yao B and C platforms to optimize well performance. Prior to the work program, production rates averaged 8,870 barrels per day (seven-day period ending April 4, 2026) and have since increased to rates of approximately 10,500 barrels per day (seven-day period ending June 16, 2026, Valeura's working interest share, before royalties).

First multilateral well

As part of the drilling campaign, Valeura successfully executed its first ever multilateral well. Within the new wellbore, NYB-02ST1, Valeura constructed a complex junction point from which two separate horizontal production legs were drilled in turn, each targeting a different reservoir interval (and are thereby recorded as two separate development wells). This was the first multilateral with this level of complexity ever attempted in Thailand.

The two lateral development intervals are now delivering oil production from two separate development targets while occupying only one well slot on the wellhead facility. This multilateral approach fits well with Valeura's objective to maximize the production potential of its facilities and to access as much reservoir as possible.

Valeura sees potential for multilateral drilling across its portfolio and is evaluating its forward drilling schedule to identify suitable candidates on its other Gulf of Thailand fields, which may lend themselves to wells with two (or more) separate lateral production legs.

Further drilling

Valeura's contracted drilling rig has now been mobilized to the Jasmine field (block B5/27, 100-per-cent interest), where the company plans to conduct a five-well drilling program, comprising three single-bore development wells and a two-wellbore multilateral development well.

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.

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