Valeura Energy Inc. · TSX:VLE
Valeura Energy — Corporate Update (September 2026)
32 slides from Valeura Energy's corporate update, September 2026
Slide 1: Corporate Update: Adding Value Through Growth
CORPORATE UPDATE Adding Value Through Growth September 2026
Slide 2: 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 Maps The Gulf of Thailand maps featured in this presentation has been compiled by Valeura based on various
Slide 3: Focussed on Value: Recognised Value Delivery
FOCUSSED ON VALUE Share Price Performance Since 01 Jan 2022 (TSX: VLE) RECOGNISED 16 Farm-in 16 PTTEP Thailand(1) VALUE DELIVERY 14 14 12 Acquisition 12 Mubadala Energy C$/share Thailand 10 10 Market Data (TSX: VLE) C$/share 8 Acquisition 8 Share price (2) C$15.05/share KrisEnergy Thailand Market ca
Slide 4: Valeura's Priorities
VALEURA’S PRIORITIES STRATEGY CORE DELIVER VALUE THROUGH GROWTH MAXIMISE CASHFLOW FROM OPERATIONAL EXCELLENCE INORGANIC GROWTH ORGANIC PORTFOLIO ▪ Executive with proven ▪ Accretive M&A based on ENABLER ▪ Re-invest to replace/grow international operations value and operational reserves experience in
Slide 5: Material Producing Portfolio with Upside
PORTFOLIO Producing Thailand Exploration/ MATERIAL PRODUCING Development PORTFOLIO WITH UPSIDE Myanmar Cambodia Manora 70% OPERATED WI 2.0 MBBLS/D(1) Jasmine • Field life extended repeatedly 100% OPERATED WI 7.8 MBBLS/D(1) • Decommissioning liability reduced • Production and reserves greatly • Surap
Slide 6: Nong Yao: Production Growth
BLOCK G11/48 Ubon NONG YAO: PRODUCTION GROWTH Nong Yao Northeast fairway Key Facts 2026 Work Programme Ownership 90% ▪ 7-well development and appraisal well campaign Operator Valeura Energy covering A and B platforms in 2026 ▪ Innovative multi-lateral drilling Licence 2036 (2046 with 10-yr option) ▪
Slide 7: Nong Yao Slot Expansion Project
APPENDIX: BLOCK G11/48 Flowline Modifications New Subsea Casing Guide Clamps NONG YAO SLOT EXPANSION PROJECT Project Overview ▪ Modifying Nong Yao A to add four additional well slots ▪ Enables more drilling without waiting for existing wells to reach the end of their productive life (and become dono
Slide 8: Wassana: A Cornerstone for Future Growth
BLOCK G10/48 WASSANA: A CORNERSTONE FOR FUTURE GROWTH Potential North Satellite Key Facts 2026 Work Programme Ownership 100% ▪ Workovers and ongoing maintenance on existing MOPU facility Operator Valeura Energy ▪ Complete construction and installation Licence expiry 2035 (2045 with 10-yr option) of
Slide 9: Wassana Redevelopment
BLOCK G10/48 Robust Economics WASSANA PROJECT ECONOMICS (US$60/BBL) REDEVELOPMENT • 40% IRR(2) • 18-month payback • US$12-16/bbl adjusted Opex(2) Project Overview • US$218 million 2P NPV 10(3) ▪ Building a new Central Processing Platform to replace MOPU facility ▪ Production to 2042 (1), design life
Slide 10: Jasmine: Exceeding Expectations
BLOCK B5/27 2026 Work Programme Longer-term Vision JASMINE: EXCEEDING ▪ 6 development and appraisal wells, on Ban Yen, Jasmine C and D platforms ▪ Arresting natural declines EXPECTATIONS ▪ Managing costs and improving efficiency ▪ Life-extension work on FPSO ▪ Near-field exploration proximal to ▪ Pl
Slide 11: Manora: Emerging Organic Growth Story
BLOCK G1/48 MANORA: EMERGING Block G1/48 (Manora) ORGANIC GROWTH STORY Key Facts 2026 Work Programme ▪ Purchased Manora FSO for US$15.5 million(3), lease Ownership 70% cost savings >US$5 million/year (or US$7.3/bbl) Suraphi ▪ 3 well appraisal and development drilling Operator Valeura Energy programm
Slide 12: Suraphi Field Best Case Scenario Exploration Discovery
BLOCK G1/48 SURAPHI FIELD ”BEST CASE SCENARIO” EXPLORATION DISCOVERY Depth Structure Map Discovery Highlights ▪ Nearby Valeura’s producing Manora field, 4.5 km to the northeast ▪ Net pay exceeded management’s pre-drill estimates ▪ Two fault blocks with 162 ft and 172 ft net oil pay columns ▪ Third f
Slide 13: Gas Development and Promising Exploration
BLOCK G3/65 Nong Yao GAS DEVELOPMENT AND Northeast fairway PROMISING EXPLORATION Chang Daeng Key Facts 2026 Work Programme Ownership 40%(1) ▪ Bussabong gas field development planning Bussabong Operator PTTEP ▪ 3D Seismic processing and interpretation Pikul ▪ Defining prospects for 2027 drilling Lice
Slide 14: Bussabong Gas Development FID
BLOCK G3/65 CEO: “We see this as just the beginning” ▪ Multiple fault-block compartments BUSSABONG GAS ▪ Appraisal and exploration upside identified on 3D seismic ▪ Potential for further phases of development DEVELOPMENT FID ▪ Repeatable development Phase 1 Project Overview model ▪ Potentially a ▪ T
Slide 15: Nong Yao NE Exploration
BLOCK G3/65 NONG YAO NE EXPLORATION Ubon High Profile Exploration Opportunity ▪ Potential oil fairway ▪ Between Valeura’s Nong Yao field and undeveloped Ubon oil field Nong Yao ▪ Substantially reduces risk of oil migration to the area Northeast fairway ▪ Seismic imaging provides confidence ▪ Legacy
Slide 16: Multiple Exploration Opportunities Near Infrastructure
BLOCK G1/65 MULTIPLE EXPLORATION Block G1/65 OPPORTUNITIES NEAR INFRASTRUCTURE Surin- Salawin Tantawan Key Facts 2026 Work Programme North Ownership 40%(1) ▪ 3D Seismic processing Operator PTTEP ▪ Interpretation and prospect definition for 2027 work programme Licence expiry May 2049 Jarmjuree South
Slide 17: Prolific Oil & Gas Province
GULF OF THAILAND OVERVIEW PROLIFIC OIL & GAS PROVINCE Gulf of Thailand Reserves (1P mmbbls)(3) Life Index (Years) 3.2 2.8 4.7 4.9 4.7 Reserves Additions Production Reserves Cambodia/ Thaila nd Overla pping Cla ims Area Replacement YEAR-OVER-YEAR ▪ Annually replaces production through ongoing develop
Slide 18: Complexity Yields Reserves Growth
GULF OF THAILAND GEOLOGY COMPLEXITY YIELDS Conceptual Development Drilling Approach Actual Development Drilling Example (Jasmine) RESERVES GROWTH New wellhead platforms built to access further fault blocks B A C D 700 Multiple stacked reservoirs, numerous fault blocks 680 • Very low risk step-out dr
Slide 19: Adding Reserves, Adding Cash Flow
VALEURA RESERVES ADDING RESERVES, ADDING CASH FLOW 218% Reserves Replacement Adding Future Cash Flow 218% RRR OVER THREE YEARS BY EXTENDING ECONOMIC FIELD LIFE Valeura has added (organically) substantially more 2P End of field life extended for every field under Valeura’s reserves than it acquired f
Slide 20: Strong Cashflow Generation
CASH FLOW – Q2 2026 Q2 2026 CASHFLOW BRIDGE (US$ million) STRONG 260 (31) Lifting: 2.45 mmbbls Realised Price: US$105.8/bbl CASHFLOW (59) GENERATION Q2 2026 Financials • Net revenue of US$260 million; up 101% q-o-q, (8) amidst higher sales volumes and higher realised 163 (8) 154 price o Sold 2.45 mm
Slide 21: Continue to Strengthen the Balance Sheet
BALANCE SHEET Q2 2026 CASH BALANCE BRIDGE (US$ million) CONTINUE TO 154 US$17 million Wassana Redevelopment STRENGTHEN THE (55) 5 BALANCE SHEET (24) 342 316 (19) Q2 2026 Financials (7) 262 • Capex and expex of US$55 million; includes US$17 million for WSN Redevelopment • FCF: Generated US$105 millio
Slide 22: Substantial Liquidity
DEBT FACILITY SUBSTANTIAL LIQUIDITY >US$ 640 mm(3) Valeura’s Maiden Debt Facility ▪ Revolving credit facility: US$75 million ▪ Expandable via accordion feature: additional US$250 million (1) ▪ Scope to increase the accordion for the right opportunity ▪ Establishes important new financing relationshi
Slide 23: 2026 Guidance
GUIDANCE Revised Updated 2026 GUIDANCE 2026 Guidance 2026 Guidance 2026 Guidance Commentary 2026 Work Programme Synopsis ▪ Drilling rig on contract Jan-Aug 2026, plus new rig • Range narrowed after 19.5 – 22.5 19.5 – 22.5 20.0 – 22.0 charter starting Q4 2026 Production(1) 6 months of on-plan mbbls/d
Slide 24: Strong Cash Flow Underpins Optionality
CAPITAL ALLOCATION STRONG CASH FLOW UNDERPINS OPTIONALITY Strong Cash Flow CAPITAL / ORGANIC INVESTMENT • CAPEX: INVESTING TO MAINTAIN AGGREGATE PRODUCTION FROM EXISTING PRODUCING FIELDS • 20 – 25 MBBLS/D INTO THE 2030’S(1) • GAS AND OIL DEVELOPMENTS IN G1 & G3 Maximising • EXPLORATION SPENDING: SEL
Slide 25: Unique Opportunities to Create Significant Value
INORGANIC GROWTH UNIQUE OPPORTUNITIES Myanmar TO CREATE SIGNIFICANT Laos VALUE Thailand Cambodia Compelling Regional Market Dynamics Phil. ATTRACTIVE REGIONAL MARKET REDUCED # OF OPERATORS SHALLOWER BUYER POOL • Declining oil and gas production • Major companies exiting due to • Diminishing pool of
Slide 26: Very Large Proven Play; Farm-in Agreement with Transatlantic
TÜRKIYE DEEP TIGHT GAS PLAY VERY LARGE PROVEN PLAY • Valeura lands 995 km2 (gross) • 41 km wide significantly over-pressured play • In-place gas proven across basin with drilling -Prospective Hanoglu-1 Resource estimated at 20 Tcfe(1) • All appraisal wells have flowed gas (12 tests) Excellent techni
Slide 27: Environmental, Social, and Governance
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE SUSTAINABLE 30 % OPERATIONS REDUCTION IN GHG INTENSITY Zero Environmental 2025 Sustainability Report ▪ Full measurement and reporting of emissions ▪ Delivered a further reduction in GHG emissions intensity of 13% in 2025 ▪ Achieved a 30% reduction since original
Slide 28: Key Messages
KEY MESSAGES OPERATIONS ARE MARGINS ARE SEIZING ON TRACK STRONG OPPORTUNITY PRODUCTION ORGANIC BALANCE SCOPE M&A GROWTH PRICE SHEET Is on target CASH FLOW EXPANDED We are ready Energised organic EXPOSURE Cash position has More drilling, more Guidance is Generation has been Opportunity set is growth
Slide 29: Footnotes
FOOTNOTES Slide 3: Recognised Value Delivery 1) Farm-in closing subject to government approval 2) 23 September 2026 3) ADTV 30 as of 23 September 2026 4) Q2 2026 average working interest share production before royalties 5) 30 June 2026 Slide 5: Material Producing Portfolio With Upside 1) 2026 guida
Slide 30: Footnotes (continued)
FOOTNOTES (CONTINUED) Slide 10: Jasmine: Exceeding Expectations 1) Guidance 2026 average working interest share production before royalties 2) Gross 2P working interest share reserves and unrisked gross 2C resources per NSAI report, as of 31 December 2025 3) Anticipated recoverable volumes as repres
Slide 31: Footnotes (continued)
FOOTNOTES (CONTINUED) Slide 19: Adding Reserves, Adding Cash Flow 1) 2P gross (before royalties) working interest share reserves as of 31 Dec 2022, 2023, and 2024. Wassana working interest was 89% at 31 Dec 2022 and 100% at 31 Dec 2023 and 2024 2) Working interest share production before royalties 3
Slide 32: General Corporate Inquiries; Investor / Media Inquiries
General Corporate Inquiries Sean Guest, President and CEO Yacine Ben-Meriem, CFO +65 6373 6940 Contact@valeuraenergy.com Investor / Media Inquiries Robin James Martin, SVP, Communications and Investor Relations +1 403 975 6752 IR@valeuraenergy.com