Valeura Energy Inc. · TSX:VLE
Valeura Energy — Investor Day (March 2025)
150 slides from Valeura Energy's investor day presentation, Mar 7, 2025
Slide 1: Capital Markets Day
Capital Markets Day Valeura Energy March 7, 2025
Slide 2: Introduction
Introduction Valeura Energy Capital Markets Day March 7, 2025
Slide 3: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 4: Valeura Energy at a Glance
Valeura Energy at a Glance Trading Share Price Returns TSX:VLE 1,384% OTCQX: VLERF in 3 years(1) Net Asset Value Cash YE 2024 YE 2024 US$1,012 US$259 million(2) million Türkiye Production Revenue 2024 2024 22,825 US$679 bbls/d(3) million Thailand Potentially very large 2025 Free Cash Flow Second lar
Slide 5: Key Messages
Key Messages ▪ Gulf of Thailand assets have a long-life 1 − Production well beyond reserves life proven YoY ▪ Assets able to produce very strong free cash flow well into 2030s 2 − Long-term production and healthy margins ▪ Near-term (2025-2027) cash flow is supercharged 3 − Payout EV by end 2026 ▪ E
Slide 6: Presenting Team
Presenting Team Dr. Sean Guest Yacine Ben-Meriem President and CEO CFO Dr. Greg Kulawski Dr. Ian Warrilow COO Thailand Country Manager 5
Slide 7: Valeura History – Originally Türkiye focused
Valeura History – Originally Türkiye focused 2022 Onwards: RTO 2011-2016 2017-2020 2021 2022 Onwards Pivot to SEA ▪ Various partnerships in exploration ▪ Operated ~1 kboe/d gas ▪ Sold conventional gas ▪ Acquired series of and production ventures in both production in Thrace Basin asset shallow water
Slide 8: Driving Value Multiples by Deals in 2022 & 2023
Driving Value Multiples by Deals in 2022 & 2023 Transactions Thailand Acquisition Acquisition Acquisition Sold KrisEnergy Thailand Mubadala Energy PSL Northern Gulf Thailand Cambodia Oil field re-activation 21 kbbl/d operated Increased Wassana Sold Rossukon 43% WI project production from 3 Gulf work
Slide 9: Realise Multiple Returns by Delivering on our Promises
Realise Multiple Returns by Delivering on our Promises Since acquisition in Q1 2023 2P Reserves Increased (mmbbls) (1) ▪ Production increased through re-start of the Wassana Field and new field development Nong Yao C +72% 50 ▪ Reserves replacement >200% for both 2023 and 2024 – more reserves added i
Slide 10: Delivering Value Multiples Again
Delivering Value Multiples Again Estimated Net Asset Value(1) 2P Reserves Increased (mmbbls) (1) 2P NAV: 14 14 14 1,000 C$13.6 per share 259 12 12 12 C$/share 800 10 10 10 US$ mm 600 8 8 8 C$/share 151 6 6 6 400 752 -- 4 4 4 Volume (mm) 200 429 261 2 2 2 0 0 0 0 Nov-23 Dec-23 Nov-24 Dec-24 Nov-22 De
Slide 11: Returns Thus far
Returns Thus far Jan 1, 2022 to Dec 31, 2024 US$-Indexed Total Shareholder Returns (%) 1,600 Annual US$ Indexed TSR 1,384 2022 349% 1,400 2023 40% 1,200 2024 135% 1,000 Valeura 800 600 400 200 135 109 55 42 32 15 5 0 (1) (4) (5) (27) (32) (33) (38) (45) (48) (57) (71) (75) -200 Valeura Peer 1 Peer 2
Slide 12: Recognised Value Delivery
Recognised Value Delivery Share Price Performance Since Jan 1, 2022 (VLE) Market Data (TSX: VLE) 9 9 Share price(3) C$7.00/ share Market cap(3) US$519 mm 8 8 EV(3) US$259 mm Brokers’ 2025F FCF(3) C$/share 7 7 US$145 mm Brokers’ Avg Target Price(3) C$12.60/ Share 6 6 Shares o/s(3) 106.3 mm C$/share 5
Slide 13: Strategy: Sustainable and Accretive Growth
Strategy: Sustainable and Accretive Growth Core Deliver Value Through Growth Maximise Cashflow from Operational Excellence Inorganic Growth Organic Portfolio ▪ Re-invest to replace/grow ▪ Executive with proven ▪ Accretive M&A based on value Enabler reserves international operations and operational e
Slide 14: What to expect in 2025
What to expect in 2025 Asset Activity Q1 2025 Q2 2025 Q3 2025 Q4 2025 Redevelopment procurement & contracting Wassana Investment Redevelopment FID Decision Development and appraisal drilling Manora Debottlenecking Organic Growth Jasmine C,D, Ban Yen dev & appr drilling Ratree exploration Jasmine Emi
Slide 15: 2025 Guidance
2025 Guidance 2025 Guidance Comment 23.0 – 25.5 ▪ Continuing production at all four Gulf of Thailand licences Production(1) mbbls/d ▪ Production additions from ongoing drilling throughout the year Approximately ▪ Long-term price performance indicates parity with the Brent benchmark Price realisation
Slide 16: Continued Cash Harvesting in the Long-Term
…Continued Cash Harvesting in the Long-Term ▪ Since taking over operation, Valeura has produced significantly more than the reserves and resources initially certified ▪ Current 2P reserves of 50 mmbbls, points toward production to 2036 ▪ Additional unrisked certified 2C of 49 mmbbls and significant
Slide 17: Strong Cash Flow Underpins Capital Allocation Optionality
Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns Maintain current high-margin business with flexibility to deliver shareholder value Safe and reliable operations Maximise long-term cash flow from current portfolio Key Principles Continued strong cash flows coupled with cle
Slide 18: Agenda for today
Agenda for today ▪ Thailand is a great place to do business – Ian ▪ We have amazing assets – Greg ▪ We keep finding ways to add new reserves and extend field life – Greg ▪ We operate at very high standards and drive operational excellence – Greg ▪ Our business is highly cash generative – Yacine 17
Slide 19: Q&A
Q&A < valeura energy
Slide 20: Footnotes
Footnotes Slide 3: Valeura Energy at a Glance 1) Up to March 5, 20 25 2) Based on Dec 31 , 2P NPV10 afte r tax plus cash of US$259 .4 mm a t Dec 31, fo r the years ended 202 2, 202 3, and 20 24, an d a ssumin g US$/C$ exchan ge rate o f 1.435, and 106.65 mm common sh ares o utstanding 3) Working int
Slide 21: Thailand is a great place to do business
Thailand is a great place to do business Valeura Energy Capital Markets Day March 7, 2025
Slide 22: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 23: Thailand is a Great Place to Do Business
Thailand is a Great Place to do Business ▪ Southeast Asia region has a long oil & gas history ▪ Strong GDP, increasing energy demand, reliance on imports ▪ Thailand is a great place to do business: − Prolific − Homogeneous conditions − A place we can operate quickly − Stable − Has a strong workforce
Slide 24: Southeast Asia Hydrocarbon Region
Southeast Asia Hydrocarbon Region Vietnam ▪ Relatively later development of an industry, with first oil discovery 1959 (Tien Ha) ▪ Remaining reserves: 4.4 billion bbls oil, 25.1 Tcf gas(1) Thailand ▪ First oil discoveries in 1950’s ▪ Relatively more developed economy than most of the region ▪ Third
Slide 25: Strong GDP is Driving Strong Energy Demand in ASEAN
Strong GDP is Driving Strong Energy Demand in ASEAN Sustained GDP Growth (YoY %) (1) Growing Energy needs (in EJ) (2) Gas% 18% 18% 18% 17% 6% Oil% 31% 30% 28% 25% 5.3% CAGR: 1.9% 54 5% 4.5% 4.5% 4.5% 44 4% 40 3.2% 33 3% 3.1% 2% 1.8% 1.7% 1% - 2024 2025 2026 2027 2028 2029 2023 2030 2035 2050 World A
Slide 26: Southeast Asia Production is Declining
Southeast Asia Production is Declining Widening Oil & Gas Deficits in SEA (1) Oil Gas 7.5 280 6.0 210 4.5 mmbls/d Bcm 140 3.0 70 1.5 0.0 0 2010 2022 2023 2030 2035 2050 2010 2022 2023 2030 2035 2050 Oil Supply Oil Demand Gas Supply Gas Demand Increasing Reliance on Energy Imports to Fuel Growth 6
Slide 27: Thailand: Attractive Investment and Business Destination
Thailand: Attractive Investment and Business Destination Currency ▪ Thai Baht Exchange Rate Regime ▪ Floating Capital City ▪ Bangkok Government Type ▪ Constitutional monarchy Total GDP (Q4 2024) ▪ THB 2.825T Strategic location GDP per Capita (2023) ▪ US$6,700 GDP % Chng Y/Y *(2023) ▪ 1.89% Trade and
Slide 28: Thailand’s Energy Mix
Thailand’s Energy Mix Thailand Total Energy Demand by Fuel (exajoules)(1) 6 5 4 Gas accounts for 34% of Thailand’s 3 total energy consumption 2 Oil accounts for 46% 1 of Thailand’s total energy consumption 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total Oil Gas Coal Hydro Renewables 8
Slide 29: Thailand Energy Imports
Thailand Energy Imports Thailand Gas Demand Outlook(1) Thailand Oil Supply Mix(2) mmbbls/d 1.4 1.2 >1.2 mmbbls/d consumed 1.0 88% imported 0.8 0.6 0.4 0.2 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 0.0 2024 Import of refined products from crud
Slide 30: Thailand Oil & Gas Industry Landscape
Thailand Oil & Gas Industry Landscape ▪ Thailand needs energy - Strong government support for this ▪ Prolific basins ▪ Relatively homogenous (cookie cutter) conditions - Similar (shallow) water depth across Gulf of Thailand - Consistent product qualities - Subsurface depositional environment - Resul
Slide 31: Thailand Oil & Gas Landscape
Thailand Oil & Gas Landscape ▪ Gulf of Thailand (offshore) - Gulf of Thailand basin and Pattani sub-basin - Most significant oil and gas region in Thailand - An extension of the Malay basin to the south - Generally seen as gas-prone - Includes prolific fields including Bongkot, Erawan, and Arthit ▪
Slide 32: Short List of Upstream Operators in Thailand
Short List of Upstream Operators in Thailand Gulf of Thailand Cambodia Cambodi a/Thai land Overlapping Cl aims A rea Valeura PTTEP Chevron Medco Northern Gulf Pet. Overlapping claims M alaysia/ Thailand Oil field Joint Devel opment A rea Gas field Malaysia 0 25 50 100 KM 12
Slide 33: Stability of Fiscal Terms
Stability of Fiscal Terms Fiscal Regime 1970 1980 1990 2000 2010 2020 2030 2040 Granted Terms remain Includes Jasmine(*) Thai I terms 1971-1981 in force today Granted Thai II terms 1981-89 Expired Terms remain Includes Manora, Thai III terms Granted 1989-2018 in force today Nong Yao, Wassana(*) Gran
Slide 34: Thailand-Cambodia Overlapping Claims Area
Thailand-Cambodia Overlapping Claims Area ▪ Very large block: 27,000 km 2 Gulf of Thailand ▪ Claimed by both Thailand and Cambodia Cambodia ▪ Likely highly prospective Cambodia/Thailand Ov erlapping - Borders large Thai fields including the Erawan Cla im s Area (OCA) licence (primary supplier of gas
Slide 35: Q&A
Q&A < valeura energy
Slide 36: Footnotes
Footnotes Slide 4: Southeast Asia Hydrocarbon Region 1) US EIA Pr ove d Reserves 2 023 Slide 5: Declining Production + Growing Demand 1) Sou rce : IMF World Economic O utlo ok (O ct-202 4). Reflects real GDP growth rate. ASE AN-5 includes Ind onesia, Malaysia, Ph ilippines, Sin gapore , Thailand 2)
Slide 37: Our Assets
Our Assets Valeura Energy Capital Markets Day March 7, 2025
Slide 38: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 39: Material Producing & Operated Portfolio With Upside
Material Producing & Operated Portfolio With Upside Manora: Block G1/48, 70% 2.2 mbbls/d(1) ▪ Field life extended by >4 years under Valeura operatorship Thailand ▪ Multiple oil accumulations encountered in 2023 & 2024 drilling ▪ Reprocessing of seismic to support next development/appraisal drilling
Slide 40: Jasmine – Continually Exceeding Expectations
Jasmine – Continually Exceeding Expectations Two Mid-life Oil Fields ▪ 100% operated working interest ▪ Block Expiry: 2031 ▪ Production 8.5 mbbls/d light/med. sweet crude(1) ▪ 2P reserves 16.8 mmbbls(2) – Reserves increased 68% from end 2022 Jasmin e Ban Yen Ratree Oil fields Exploration areas Prosp
Slide 41: Manora – Continued Extensions of Economic Life
Manora – Continued Extensions of Economic Life Licence G1/48 (Manora) Modest Size, Late Life Field ▪ 70% operated working interest (partner Tap Oil 30%) ▪ Block Expiry: 2033 ▪ Production 2.2 mbbls/d, sweet crude oil(1) ▪ 2P reserves 3.4 mmbbls(2) – Reserves increased 89% from end 2022 Malida FSO CAL
Slide 42: Nong Yao Oil Field – Successful Development Delivers Production Growth
Nong Yao Oil Field – Successful Development Delivers Production Growth Licence G11/48 (Nong Yao) High-Value Oil Field ▪ 90% operated working interest (partner PSL) ▪ Block Expiry: 2036 ▪ Production 11.1 mbbls/d light, sweet crude(1) A ▪ 2P reserves 16.9 mmbbls(2) – Reserves increased 51% from end 20
Slide 43: Wassana – Significant Value Potential Through Redevelopment
Wassana – Significant Value Potential Through Redevelopment Licence G10/48 (Wassana) Production, with upside ▪ 100% operated working interest ▪ Block Expiry: 2035 Niramai ▪ Production 4.3 mbbls/d(1) ▪ 2P reserves 12.9 mmbbls(2) – Further reserves update after redevelopment FID Wassa na A FSO CALM BU
Slide 44: Contract Extensions
Contract Extensions 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 B5/27 August 2031 August 2041 (Jasmine) B11/48 February 2036 February 2046 (Nong Yao) G1/48 December 2035 December 2045 (Manora) G10/48 December 2035 December 2045 (Wassa
Slide 45: Q&A
Q&A < valeura energy
Slide 46: Footnotes
Footnotes Slide 3: Material Producing & Operated Portfolio With Upside 1) Q4 20 24 ave rage working inte rest share prod uction before ro yalties 2) Pro ved plu s prob able gross (b efo re royaltie s) per company’s in ter nal assessme nt (no n-inde penden t) effective December 31 , 2021 and per Neth
Slide 47: Add new reserves and extend asset life
Add new reserves and extend asset life Valeura Energy Capital Markets Day March 7, 2025
Slide 48: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 49: 2024 Reserves Highlights
2024 Reserves Highlights ▪ Replaced more than double our production 245% Reserves ▪ Added 20.5 mm bbls in 2P reserves Thailand Replacement Ratio(1) ▪ “Added more reserves in 2 years than total reserves acquired in 2023” Cambodia ▪ All fields now economic beyond 2030 Extended Economic Manora Life of
Slide 50: Explaining the Story
Explaining the Story Proved Reserves Life Index (1) (years) For Jasmine, Manora, Nong Yao, and Wassana fields 5 4 3 Relatively Short 2 Reserves Life Index: Average 2.8 years 1 0 2018 2019 2020 2021 2022 2023 2024 The “Reserves Funnel” Typical E&P Funnel Valeura, just after Thailand Acquisitions (end
Slide 51: Fields Generally Yield Multiples of Initial Reserves
Fields Generally Yield Multiples of Initial Reserves Licence B5/27 – Jasmine FPSO (1,2) History of Production Replacement Reserves(3) 120 WPD WPB2 Produced 13x 80 WPB its original FID WPA mmbbls 105 (95) volumes WPC 40 WPBYA 16.8 7 0 2005 FID Additions Production 2P reserves Volume at end 2024 Licen
Slide 52: Reserves Replacement
Reserves Replacement Historical Proved (1P) Reserves Replacement (1) (mmbbls) For Jasmine, Nong Yao, Manora, and Wassana 30.0 25.0 (8.6) 20.0 (7.9) 15.0 5.8 (9.0) (2.6) 15.0 17.0 10.0 20.0 (8.5) 21.2 5.0 - E nd 2018 2019 P roduct ion 2019 A ddit ion 2020 P roduct ion 2020 A ddit ion 2021 P roduct io
Slide 53: All of Gulf of Thailand Demonstrates YoY Reserve Replacement
All of Gulf of Thailand Demonstrates YoY Reserve Replacement Gulf of Thailand Reserves Gulf of Cambodia Thailand ▪ Gulf of Thailand has continually replaced production through continued development of existing fields ▪ As a result, assets have been able to maintain / improve Cambodi a/Thai land Over
Slide 54: Gulf of Thailand Geology: Complexity and Potential
Gulf of Thailand Geology: Complexity and Potential Conceptual Development Drilling for Actual Development Drilling Example Stacking Reservoirs in the Gulf of Thailand (Jasmine field) New wellhead platforms built to access further fault blocks B A C D 700 680 640 610 400 ▪ Multiple stacked reservoirs
Slide 55: Jasmine Growth in Total Recoverable Oil
Jasmine Growth in Total Recoverable oil ▪ Estimated 7 mmbbls recoverable at original investment decision in 2008(1) ▪ 184 development wells drilled over 20 years ▪ Cumulative production of ~95 mmbbls to end 2024 ▪ 32 undrilled well targets still in 1P profile (2) ▪ Dec 31, 2024 1P reserves of 10.7 m
Slide 56: Jasmine History of Production Profile Extensions
Jasmine History of Production Profile Extensions Historical Proved (1P) Reserves Production Profiles(1) (bbls/d) 12,000 11,000 10,000 1P 2024 1P 2023 9,000 1P 2022 1P 2021 8,000 1P 2020 1P 2019 7,000 1P 2018 1P 2017 6,000 1P 2016 5,000 1P 2015 1P 2014 4,000 3,000 2014 2015 2016 2017 2018 2019 2020 2
Slide 57: 3D Illustration of the Jasmine field
3D Illustration of the Jasmine field 11
Slide 58: Jasmine Production History by Drilling Campaign
Jasmine Production History by Drilling Campaign Jasmine & Ban Yen field Historic Oil Production (bbls/d)(1) Infills 2024 25,000 Infills 2023 Infills 2022 Infills 2021 Infills 2020 20,000 Infills 2019 Infills 2018 Infills 2017 Infills 2016 3% Decline / year 15,000 Infills 2015 Infills 2014 Infills 20
Slide 59: Valeura’s performance
Valeura’s performance $< valeura energy
Slide 60: Adding (not just replacing) Reserves
Adding (not just replacing) Reserves Production and Additions History (mmbbls) 50 38 20.5 (8.4) 29 245% 16.3 Reserves (7.5) 219% Replacement Reserves Ratio(4) Replacement Ratio(3) E nd 2022 2P 2023 P roduct ion 2023 A ddit ion E nd 2023 2P 2024 P roduct ion 2024 A ddit ion E nd 2024 2P End Productio
Slide 61: Field Life Extended for Every Field
Field Life Extended for Every Field 2P End of Field Life(1) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Manora +1.5 years +2.8 years +4.3 years Jasmine +2.5 years +2.7 years +5.2 years Nong Yao +1.4 years +5.0 years +6.4 years +8.3 Wassana +4.8 years +3.5 years years NSAI 2022 Report NSAI
Slide 62: Key Drivers for Reserves Replacement
Key Drivers for Reserves Replacement 1 Drill to Find & Book Reserves 2 Increase Reservoir Recovery ▪ Accessing adjacent fault blocks ▪ Methodical gap analysis to identify reserves opportunities ▪ Developing new accumulations − Reservoir re-modelling based on new well data and − e.g Nong Yao C develo
Slide 63: Drilling to add Reserves
Drilling to add Reserves $< valeura energy
Slide 64: Appraising While Developing – New Wells Discover New Zones
Appraising While Developing – New Wells Discover New Zones Stacked Reservoirs Well Completions Stick Diagrams Example: Nong Yao A Time → Depth 700 680 640 610 Well D1 Secondary/ appraisal targets 400 250 50 Well D1 Primary (development) target 250 m Future production may come from Successful appra
Slide 65: Rapid Cycle Time to add Production
Rapid Cycle Time to add Production 2024 Drilling Programme 2025 Drilling Programme 1 Exploration well 2 Exploration wells 5 zone Discoveries 5 Appraisal wells 4 Appraisal wells 12 New Targets 20 Development wells 21 Development wells 20 New Producers High exploration Appraising-while- Development su
Slide 66: Future Undeveloped Reserves Drilling
Future Undeveloped Reserves Drilling Well Targets Associated with Undeveloped (UD) Reserves(1) 49 110 ▪ Substantial year-on-year increase in inventory of targets 60 ▪ Suggests multiple years of future drilling opportunities -20 ▪ Additional targets added through ongoing drilling 38 activity − Manora
Slide 67: Increasing Reserves Recovery
Increasing Reserves Recovery 21
Slide 68: Methodical Process to Maximise Reservoir Potential
Methodical Process to Maximise Reservoir Potential Conceptual Example Explaining the Recoverable Oil Potential of a Reservoir 5.0 4.0 Gap analysis identifies Gap Non- Non- new opportunities 3.0 mmbbls Recoverable Recoverable Total oil in Production tail 2.0 place Recoverable Behind pipe 1.0 Undevelo
Slide 69: Focusing on Reservoir Sweep Efficiency
Focusing on Reservoir Sweep Efficiency Valeura Sweep Efficiency Example Throughput Plot Example of the CW Block 330 Sand Reservoir Well A02 A34 Results in higher C36H sweep efficiency Well A18H, A13 Ramp-up Drilled to more efficiently A01, A03 sweep the reservoir Suggests ~60% sweep Recovery Factor
Slide 70: Technology Drivers Supporting a High Reserve Replacement Ratio
Technology Drivers Supporting a High Reserve Replacement Ratio Horizontal Well Path Illustration Geology • Extensive use of seismic data to identify Undrilled Amplitude Supported (UAS) targets • Appraising while drilling development wells Geosteering Tool Well Design and Delivery • 3D well designs •
Slide 71: Leveraging Advanced Seismic Modelling
Leveraging Advanced Seismic Modelling Seismic Inversion to Identify Reservoirs / Hydrocarbons Conventional Seismic Seismic Inversion From 2D to 3D interpretation to map reservoir geometry 2D to 3D interpretation 3D reservoir geometry 25
Slide 72: Precision Geosteering of Horizontal Wells
Precision Geosteering of Horizontal Wells Realtime reservoir imaging while drilling ▪ Enables precision geo-steering within long, thin reservoirs 10 ft ▪ Supports optimal well placement ▪ Maximises ultimate recovery and reduces number of wells required Seismic inversion analysis ▪ Identifies horizon
Slide 73: Sophisticated Horizontal Well Completion Technology
Sophisticated Horizontal Well Completion Technology Autonomous Inflow Control Device ▪ A system of downhole control valves within the horizontal section ▪ Autonomously choke undesirable fluid production ▪ Result is increased ultimate recovery ▪ Reduced water-handling requirements A Key Technology to
Slide 74: Future
Future <valeura energy
Slide 75: What are Contingent Resources
What are Contingent Resources Contingent Resources Explained Project Maturity 1C 2C 3C Sub-classes ▪ Petroleum that has been discovered but is not yet Development SUB-COMMERCIAL commercially viable due to one or more contingencies Pending Increasing Chance of Development Commerciality ▪ Specific con
Slide 76: Contingent Resources Increasing
Contingent Resources Increasing (in addition to growing reserves) 2P Reserves (mmbbls)(1) 2C Resources (mmbbls)(2) +343% 50 48 38 29 20 14 2P Reserves 2C Resources (3) Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Contingent Resources (4) Gross (Before Royalties) Unrisked Working Interest Share, MMbbl End
Slide 77: Prospects & Leads Inventory Summary
Prospects & Leads Inventory Summary Block B5/27 Prospects and Leads Block G1/48 Prospects and Leads Block G10/48 Prospects and Leads Block G11/48 Prospects and Leads 31
Slide 78: Exploration – Seismic Activity and Drilling
Exploration – Seismic Activity and Drilling North Kra Area ▪ Ongoing seismic processing of 235 km2 Gulf of Cambodia ▪ Objective: improve imaging and resolution of the fluvial Thailand section ▪ Seismic inversion to follow Cambodi a/Thai land Overlapping Cl aims A rea Central Tantima Area ▪ Planning
Slide 79: Exploration Potential: Ratree Prospect
Exploration Potential: Ratree Prospect ▪ Approx. 20 km southwest of Ratree Location Ban Yen Field ▪ Channel complex comparable Reservoir to Jasmine / Ban Yen Fields Licence B5/27 (Jasmine) (700, 680, 580 Sands) Oil fields Ratree exploration area Production platform FPSO ▪ Combination trap: Jasmin e
Slide 80: Q&A
Q&A ‘<valeura energy
Slide 81: Footnotes
Footnotes Slide 3: Reserves Highlights 1) Based on Dec 31 , 2024 2P gr oss (before royalties) wor king intere st sha re reserves and full ye ar 2024 working inte rest share p roduction before royalties 2) Based on Dec 31 , 2024 2P gr oss (before royalties) wor king intere st sha re reserves and mid-
Slide 82: Footnotes
Footnotes Slide 10: Jasmine Growth in Total Recoverable oil 1) 2014-2021 profiles associated with proved reserves per Thailand Department of Mineral Fuels (DMF) Annual Reports (https://dmf.go.th/public/list/data/index/menu/668/groupid/1), 2022-2024 per NSAI, as more fully described in the Disclaimer
Slide 83: Wassana Re-development
Wassana Re-development Valeura Energy Capital Markets Day March 7, 2025
Slide 84: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 85: Licence G10/48 (Wassana) Development Overview
Licence G10/48 (Wassana) Development Overview Wassana: Concession expires in 2035 with 10-year extension option… Niramai Niramai ▪ Discovered oil field with upside potential ▪ Sufficient exploration / appraisal data ▪ High maturity level of subsurface work Wassana (main producing field) Wassana ▪ St
Slide 86: Year End ‘24 Wassana Reserves
Year End ‘24 Wassana Reserves – Limited by the MOPU (replacement) Concept Wassana Existing Reserves and Resources (mmbbls) 2.1 sand structure map Total NSAI YE24 Total 2P Reserves(1) 12.9 No. wells 19(2) EOFL(2) Dec-35 Wassana PA Total 2C Contingent Resources (3) 12.7 Wassana Existing Facility (MOPU
Slide 87: Full Field Development: new Wellhead and Processing Platform
Full Field Development: new Wellhead and Processing Platform plus (future) Satellites Niramai – Minimum Facility Platform Wassana Wellhad Processing Platform Wassana Existing MOPU Mayura and S.WSN – Minimum Facility Platform Drilling radius 5
Slide 88: Wassana Wellhead & Processing Platform – FEED Completed
Wassana Wellhead & Processing Platform – FEED Completed ▪ Leveraging successful (and lean) design of the Nong Yao A platform ▪ Key specs: − 24 well slots + 6 extension option − 10 kbbl/day oil capacity − 60 kbbl/day liquids processing capacity − Produced water re-injection − Power generation − 2 ris
Slide 89: Full Field Development: new Wellhead and Processing Platform
Full Field Development: new Wellhead and Processing Platform plus (future) satellites Sand Structure Map Wassana Redevelopment Concept Wassana PA WPP MOPU New Facility Criteria Wassana PA ▪ Higher processing capacity ▪ Optimally-positioned to access more of the main field ▪ Designed to accommodate s
Slide 90: Wassana Volume Upside Through Redevelopment
Wassana Volume Upside Through Redevelopment* Potential Volume Adds Satellite 2 Upside Targeting readiness for a Final Satellite 1 Upside Investment Decision early Q2 2025 Upside volumes maturation Potential Reserves Increase on FID 2P at end 2024 13 Cumulative Production to end 2024 10 Cumulative Pr
Slide 91: Wassana Redevelopment
Wassana Redevelopment Project Delivery Timeline 2023 2024 2025 2026 2027 Wells A28, Appraisal A28-ST1 Aim for Final Investment Decision Front-end Engineering FEED and Design Contracting Contracting Hook up, commissioning Engineering and Engineering, Procurement, First Oil Construction Construction W
Slide 92: Q&A
Q&A < valeura energy
Slide 93: Footnotes
Footnotes Slide 4: Year End ‘24 Wassana Reserves – Limited by the MOPU (replacement) Concept 1) Dec 31 , 2024 2P gr oss (before royalties) wor king intere st sha re reserves 2) End of fie ld life per NSAI 2 024 Re port, based on Dec 31 , 2024 2P gr oss (before royalties) wor king intere st sha re re
Slide 94: We operate at very high standards and drive operational excellence
We operate at very high standards and drive operational excellence Valeura Energy Capital Markets Day March 7, 2025
Slide 95: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 96: Operations
Operations ▪ Operations Overview ▪ HSSE and CSR ▪ Operations and Continuous Improvement ▪ Drilling Excellence ▪ Decommissioning Efficiencies 3
Slide 97: Overview of Operations
Overview of Operations Operations Synergy 38-45 Thailand Offtakes / Year Sattahip Base ▪ Hub Concept Cambodia –North hub for Jasmine and Manora fields, with shared vessel 250-300 Trips / Year Manora Shared –South hub for Nong Yao and Myanmar vessel Wassana fields with shared vessel ▪ Centralised Log
Slide 98: 2024 HSSE key achievements
2024 HSSE key achievements Two years without No significant spill of oil ISO9001, ISO14001 and Lost Time Injury 2024 EIA Monitoring Award* ISO45001 certified ▪ Full measurement and reporting of Greenhouse Gas (GHG) emissions in 2023 as baseline for sustainability strategy ▪ 2024 reduction in GHG emi
Slide 99: 2024 HSSE performance
2024 HSSE performance Members of the Valeura Energy team with Borr Mist rig in background Members of the Valeura Energy team with the Nong Yao C MOPU in background 6
Slide 100: 2025 HSSE focus: We Keep it Safe and Sustainable
2025 HSSE focus: We Keep it Safe and Sustainable Formula for safe and sustainable operations learning and back to basics improving life-saving rules active engagement and onsite verification Our leaders, at all levels, are clear on what we value and how we behave to enable the workforce to work with
Slide 101: Corporate Responsibility and Community Investment
Community Corporate Responsibility Objective and Community • Acquire and maintain a "social license to operate” from our stakeholders, Investment particularly local and fisherman communities • Maintain and strengthen partnerships among local governments, communities and the Company, while implementi
Slide 102: Maintenance and Asset Integrity Management System
Maintenance and Asset Integrity Management System Regulatory and International Standards Compliance Computerised Management System Management of Change Control Safety Critical Equipment Management Condition and Risk Based Approach ▪ Equipment condition monitoring ▪ Equipment reliability and availabi
Slide 103: Top Class asset Integrity Management
Top Class asset Integrity Management Topside (piping/pressure vessel/structure) ▪ Implement an inspection programme based on Risk-Based Inspection (RBI according to API 580/581) ▪ Conduct Fit-for-Service inspections (API 579) ▪ Perform static equipment inspections by inspectors certified in API 570/
Slide 104: Excellent Uptime Performance
Excellent Uptime Performance Wassana MOPU Jasmine 10-yr Underwater Vessel Inspection Inspection ▪ Valeura maintains excellent uptime 98.5% 97.2% 99.6% 98.5% 99.1% 99.2% 97.1% 99.5% performance ▪ Valeura uses a business-driven metric: proportion of wells available for production operations at any giv
Slide 105: Thailand Asset Operations Performance
Thailand Asset Operations Performance Indicative 2025 Adjusted Opex Split(1) ▪ Valeura has prioritised continuous 14% 17% improvement across its operations 7% 7% 10% 7% ▪ High profile projects in place to attack Operations & Maintenance, 15% 15% Fuel, and Logistics in 2025 26% 23% ▪ Purchase of the
Slide 106: Continuous Improvement 2024 Achievements
Continuous Improvement 2024 Achievements Leaner Organisation with Lean Processes for Optimised Vessel Integrated Maintenance Utilisation Roles Turnarounds ▪ 26% reduction in days ▪ 10% reduction in fuel budget ▪ 10% Reduction in Headcount required for turnarounds ▪ Reduced emissions ▪ G&A savings ▪
Slide 107: Example of Continuous Improvement - Optimised Vessel Operations
Example of Continuous Improvement - Optimised Vessel Operations Three-prong initiative to optimise marine vessel operation Centralised Vessel Sharing Multi-purpose Boat Planning ▪ Coordinated vessel ▪ Capabilities for sharing across the crew/material transfer, ▪ Company-wide integrated portfolio off
Slide 108: Example of Continuous Improvement – Marine Vessel Fuel Optimisation
Example of Continuous Improvement – Marine Vessel Fuel Optimisation Traditional approach Innovative Valeura Licence B5/27 (Jasmine) for standby vessels Approach ▪ Vessels maintain ▪ Install strategically located mooring station in the field buoys Jasmin e ▪ Engines remain ▪ Standby vessels moored, w
Slide 109: Drilling Rig Types
Drilling Rig Types Land Platform Jack Up Semi Drill Ship Drilling Complex Jack Up Rig Components Submersible Leg Derrick Cantilever Accommodation Hull Jacking House Spud Cans Source: www.drillingmanual.com Valeura uses a Jack Up Rig for its operations in the Gulf of Thailand Capable of drilling well
Slide 110: Drilling Wells
Drilling Wells Leased Jack-Up Drilling Rig Wellhead and Processing Platform 17
Slide 111: Well and Completion Types
Well and Completion Types Horizontal Well Muti-Zone Well ▪ Develops a single reservoir ▪ Vertical or deviated wells interval ▪ Develops multiple reservoir intervals ▪ Steered to drill into reservoir sands at ~90-degree ▪ Intervals may be produced together (single bore inclination completion with com
Slide 112: Drilling Efficiency is Paramount
Drilling Efficiency is Paramount Indicative 2025 Capex Split ▪ Drilling is the largest component of Valeura’s capex ▪ Full year of drilling operations in 2023 and 2024 Brownfields ▪ Full year of drilling planned for 2025 15% ▪ Total drilling capex is driven by days under contract, under a given rig
Slide 113: Drilling Efficiency
Drilling Efficiency Premium Jack Up Rig Global Short-term Day Rates Rig Rates Have more than doubled since 2022 Data from S&P Glo bal Commodity Insights 20 24 Valeura’s Drilling Performance (days/well)(1) 18 Drilling Performance (34%) has Improved 16.8 Substantially Significant 12 13.1 11.1 Reductio
Slide 114: Drilling Performance Improvement Example: Casing
Drilling Performance Improvement Example: Casing Rig Space Reserved for Offline Work Traditional approach to Innovative Valeura running in casing Approach ▪ Single joints of casing ▪ Double-joints prepared in advance prepared as/when needed ▪ Performed offline (concurrent with ▪ Picked up and run in
Slide 115: Decommissioning Obligations
Decommissioning Obligations Thailand’s Decommissioning Regulations Decom Plan ▪ Decommissioning is the responsibility of the concession holder Triggers ▪ Plans must be formally agreed with the regulator Facility not ▪ Financial security must be lodged in advance of production end in use > 1 Year - V
Slide 116: Significant Reductions in Abandonment Costs
Significant Reductions in Abandonment Costs Abandonment Cost Estimates (100% basis, US$ million) (1) 100 Engineering studies have yielded significant 80 cost reductions in every aspect of field 60 decommissioning 40 20 0 Well P&A Platform, F(P)SO Pipeline Disposal Post Survey Site Clearance Jacket,
Slide 117: Alternatives in Decommissioning
Alternatives in Decommissioning Topside Re-utilisation Jacket “Rig to Reef” ▪ Removing the platform’s topside facility to be ▪ Removing platform topside facilities, then sinking retired refurbished and re-deployed platform jacket structures, rather than removing ▪ Gulf of Thailand implementation beg
Slide 118: Q&A
Q&A < valeura energy
Slide 119: Footnotes
Footnotes Slide 12: Thailand Asset Operations Performance 1) Refers to adjusted Opex, a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS. Refer to the Company’s financial disclosures for reconciliation. Slide 20: Drilling Efficiency 1) Based on average drillin
Slide 120: Our business is highly cash generative
Our business is highly cash generative Valeura Energy Capital Markets Day March 7, 2025
Slide 121: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 122: Financial Overview
Financial Overview Creating Shareholder Value Through Cash Flow Generation FOUR KEY STRATEGIC PILLARS Revenue maximization, operating cost optimization, capital efficiency, and tax structure improvements Key Themes @ Sustained Cash Flow @ Capital Discipline ROBUST CASH FLOW GENERATION ; . a ae @ Str
Slide 123: Key Drivers for Sustained Cash Flow Generation
Key Drivers for Sustained Cash Flow Generation Key Cash Flow Drivers Highly cash generative and resilient portfolio Last reported 12-Months (LTM) to Q3 2024 Key Financial Highlights (1,2) 623 Revenue Maximization 546 (77) Opex Optimization Tax Loss Consolidation (In US$ mm) 311 (212) (23) 220 Capex
Slide 124: Revenue Maximisation: Two-pronged Approach to Maximize Revenue
Revenue Maximisation: Two-pronged Approach to Maximize Revenue... (1/2) Volumes Production , Lifting and Inventory movements 2024 (mmbbl) ▪ Strategising sequence of operation and development activities across portfolio to optimise production and value ▪ As an offshore operator, our liftings equal sa
Slide 125: Revenue Maximisation: Two-pronged Approach to Maximise Revenue
Revenue Maximisation: Two-pronged Approach to Maximise Revenue… (1/2) Price Valeura Crude Trades at a Premium to the Brent 1) Avg. Dubai ▪ Gulf of Thailand oil prices linked to Dubai crude spread to (0.5)/bbl (1.2) /bbl 1.6 /bbl Brent: US$ ▪ Dubai currently trading at a premium to Brent $100 ▪ All c
Slide 126: Opex Optimisation: Through a Mix of Operational and Capital deployment Efficiencies
Opex Optimisation: Through a Mix of Operational and Capital deployment Efficiencies Achieved Year-on-Year Reduction in Cash Opex / Adj. Opex /bbl Ahead of the Guidance ▪ Opex reduction achieved year-on- (In US$ / bbl) year by identifying pockets of 30.0 potential cost efficiencies. These 27.2 26.0 2
Slide 127: Capex Efficiencies: Focusing Drillex Efficiencies and Short Cycle returns
Capex Efficiencies: Focusing Drillex Efficiencies and Short Cycle returns Drillex Efficiency Resulting in Improving Capex / bbl Despite higher Rig Day rates ▪ Drillex is largest component of capex 138 − Efficiency gained through a variety 135 137 17% 15% of continuous improvement 28% initiatives; tr
Slide 128: Tax Loss Consolidation: Corporate Re-Org Optimises Taxes, Enhances Cashflow
Tax Loss Consolidation: Corporate Re-Org Optimises Taxes, Enhances Cashflow Illustrative impact of re-organisation on LTM Financials 1) ▪ Valeura’s working interests in all Liftings: 7.4 mmbbls Production: 21.1 mbbl/d 623 Thai III contracts (Nong Yao, Manora 546 Realised Price: US$84 /bbl and Wassan
Slide 129: 2025 Mid Point Guidance: Estimated Free Cashflow
2025 Mid Point Guidance: Estimated Free Cashflow (FCF) Key Assumptions 2025 Guidance (Mid Point) Estimated Financials(1,2) ✓ Brent Price US$75/bbl Margins 54.3% 50.3% 46.9% 26.8% 25.1% ✓ Dubai Parity to Brent 685 ✓ Realised premium of US$2.3/bbl 603 (82) ✓ Mid point production, capex and opex (In US
Slide 130: Significant Cash Build Up Expected in the Short-Term
Significant Cash Build Up Expected in the Short-Term Expected to Return The Entire Market Cap in Less Two Years(1) (In US$ mm) ▪ Next two years cashflow expected to 800 Current Market be US$250 – US$465 million at 700 Cap 600 US$65/bbl to US$85/bbl Brent 500 2025-26 FCF Range of US$ 2026 YE Cash 400
Slide 131: Continued Cash Harvesting in the Long-Term
…Continued Cash Harvesting in the Long-Term ▪ Since taking over operation, Valeura has produced significantly more than the reserves and resources initially certified ▪ Current 2P reserves of 50 mmbbls, points toward production to 2036 ▪ Additional unrisked certified 2C of 49 mmbbls and significant
Slide 132: Strong Balance Sheet
Strong Balance Sheet Strong Financials to Support Organic & Inorganic Growth Strong current cash position of US$259 million and no debt Material portfolio expected to deliver strong and resilient free cash flows in the coming years Significant reduction in ARO (more than halved since taking over) Ab
Slide 133: Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns
Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns Maintain current high-margin business with flexibility to deliver shareholder value Safe and reliable operations Maximise long-term cash flow from current portfolio Key Principles Recurring strong cash flows coupled with cle
Slide 134: M&A
M&A
Slide 135: Compelling Current Market Dynamics for a Consolidator Driven Strategy
Compelling Current Market Dynamics for a Consolidator Driven Strategy Region and sector going through a unique transition Key Market Differentiator: SEA: An Attractive Diminishing number of Scalable & Sustainable Shallow Buyer Market Energy Market credible operators Business with Resilient Profitabi
Slide 136: Valeura’s Strict Acquisition Criteria
Valeura’s Strict Acquisition Criteria We have and continue to work diligently to screen, source, and conduct due diligence on opportunities that fit our strict acquisitions criteria • Technically and commercial sound, yet underappreciated assets ✓ Attractive macro fundamentals • Preference for opera
Slide 137: Q&A
Q&A < valeura energy
Slide 138: Footnotes
Footnotes Slide 4: Key Drivers for Sustained Cash Flow Generation 1) Represents the add ition of last four quarters ending Se p 2 024. P lease r efe r to Vale ura’s last four MD&As an d Finan cial sta temen ts 2) Non-IFRS Measure: Please refer to last four qua rte rs’ MD&As for reconciliation with f
Slide 139: Conclusion
Conclusion Valeura Energy Capital Markets Day March 7, 2025
Slide 140: Disclaimers and Advisories
Disclaimers and Advisories General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. Prospective Oil and Gas Advisories Reserves and contingent resources disclosed in this presentation are based on an ind
Slide 141: Let’s Talk Türkiye
Let’s Talk Türkiye Very large proven play ▪ Turkiye imports almost 100% of gas ▪ Major pipelines north and south of block ▪ In-place gas proven across basin (~40km) with drilling ▪ Prospective Resource estimated at 20 Tcfe(1) ▪ All appraisal wells have flowed gas (12 tests) ▪ High working interest (
Slide 142: Field Life Extended for Every Field
Field Life Extended for Every Field 2P End of Field Life(1) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Manora +1.5 years +2.8 years +4.3 years Jasmine +2.5 years +2.7 years +5.2 years Nong Yao +1.4 years +5.0 years +6.4 years +8.3 Wassana +4.8 years +3.5 years years NSAI 2022 Report NSAI
Slide 143: Continued Cash Harvesting in the Long-Term
…Continued Cash Harvesting in the Long-Term ▪ Since taking over operation, Valeura has produced significantly more than the reserves and resources initially certified ▪ Current 2P reserves of 50 mmbbls, points toward production to 2036 ▪ Additional unrisked certified 2C of 49 mmbbls and significant
Slide 144: Significant Cash Build Up Expected in the Short-Term
Significant Cash Build Up Expected in the Short-Term Expected to Return The Entire Market Cap in Less Two Years(1) ▪ Next two years cashflow expected to 800 Current Market be US$250 – US$465 million at 700 Cap 600 US$65/bbl to US$85/bbl Brent 500 2025-26 FCF Range of US$ 2026 YE Cash 400 ▪ Implies f
Slide 145: Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns
Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns Maintain current high-margin business with flexibility to deliver shareholder value Safe and reliable operations Maximise long-term cash flow from current portfolio Key Principles Recurring strong cash flows coupled with cle
Slide 146: Material Upside to the Current Valuation
Material Upside to the Current Valuation Current Valuation Indicates A Significant Upside Valeura traders at a significant discount to Peers Current share price not reflective of inherent value Peer Group EV / WI production (US$’000/boepd)(1,2) 18.00 50 40 16.00 Peer Group Trading multiples 30 Peers
Slide 147: Valeura Delivered a NAV CAGR of +80% Since Taking Over the Assets
Valeura Delivered a NAV CAGR of +80% Since Taking Over the Assets NAV (After Tax) (US$ million) • 2P NAV of over 1.0 billion US$ Nav/share 10.12 3.49 13.61 • Equates to C$13.6 per share (C$) 259 1,012 ✓ Net cash ~C$ 3.5 /share and 752 undelaying NPV10 more than C$10/share • Valeura delivered a NAV C
Slide 148: Q&A
Q&A < valeura energy
Slide 149: Footnotes
Footnotes Slide 3: Let’s Talk Türkiye 1) Working interest share unr isked pro spe ctive r eso urces per Degolyer and MacNaughton 2018 Slide 4: Field Life Extended for Every Field 1) Based on Dec 31 , 2024 2P gr oss (before royalties) wor king intere st sha re reserves Slide 5: …Continued Cash Harves
Slide 150: General Corporate Inquiries
General Corporate Inquiries Sean Guest, President and CEO Yacine Ben-Meriem, CFO +65 6373 6940 Contact@valeuraenergy.com Investor / Media Inquiries Robin Martin, VP, Communications and Investor Relations +1 403 975 6752 / +44 7392 940495 IR@valeuraenergy.com