Valeura Energy Inc. · TSX:VLE
Valeura Energy — Q1 2026 Earnings Presentation
29 slides from Valeura Energy's earnings presentation, May 14, 2026
Slide 1: Corporate Update: Adding Value Through Growth
CORPORATE UPDATE Adding Value Through Growth April 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 press release has been compiled by Valeura based on various
Slide 3: Valeura at a Glance
KEY FIGURES Thailand VALEURA AT A GLANCE 22.3 57.8 Cambodia mbb.ls/d mmbbls Myanmar OIL PRODUCTION(2) 2P RESERVES (3) Shallow water Gulf of Thailand Growing year-on-year US$ 300 2025 EBITDAX(5) mm US$ 1,132 mm MARKET CAPITALISATION (4) Strong margins Canadian company on TSX US$ 247 2025 CASH FLOW FR
Slide 4: 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 Acquisition 12 Mubadala Energy 12 C$/share Thailand 10 10 Market Data (TSX: VLE) C$/share 8 8 Share price (2) C$14.76/share Acquisition KrisEnergy Thailand Market ca
Slide 5: 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 6: Material Producing Portfolio with Upside
PORTFOLIO Thailand MATERIAL PRODUCING PORTFOLIO WITH UPSIDE Cambodia Manora Myanmar 70% OPERATED WI • Field life extended >4 years 2.0 MBBLS/D(1) Jasmine 100% OPERATED WI 7.8 MBBLS/D(1) • 3 development wells drilled in Q1 2026 • FSO purchased for US$15.5 million • Production and reserves greatly exc
Slide 7: Nong Yao: Production Growth
BLOCK G11/48 NONG YAO: Block G3/65 Block G11/48 PRODUCTION GROWTH (Nong Yao) Key Facts 2026 Work Programme Ownership 90% ▪ 7-well development and appraisal well Operator Valeura Energy campaign covering A and B platforms in 2026 Oil fields Licence expiry 2036 (2046 with 10-yr option) ▪ Innovative mu
Slide 8: Wassana: A Cornerstone for Future Growth
BLOCK G10/48 Block G10/48 (Wassana) WASSANA: A CORNERSTONE Potential North Satellite FOR FUTURE GROWTH Key Facts 2026 Work Programme Redevelopment Ownership 100% ▪ Workovers and ongoing maintenance focus area on existing MOPU facility Operator Valeura Energy ▪ Complete construction and Licence expir
Slide 9: Wassana Redevelopment Project Economics
BLOCK G10/48 WASSANA Robust Economics REDEVELOPMENT PROJECT ECONOMICS (US$60/BBL) • 40% IRR(2) • 18-month payback Building for the Future • US$12-16/bbl adjusted Opex(2) ▪ Building a new Central Processing Platform to replace MOPU facility • US$218 million 2P NPV 10(3) ▪ Production to 2042 (1), desi
Slide 10: Jasmine: Continually Exceeding Expectations
BLOCK B5/27 Block B5/27 JASMINE: CONTINUALLY (Jasmine) EXCEEDING EXPECTATIONS Key Facts 2026 Work Programme D Ownership 100% ▪ 6 development and appraisal wells, on Operator Valeura Energy Ban Yen (completed), Jasmine C and D B B2 Licence expiry 2031 (10-yr extension in progress) platforms Jasmine A
Slide 11: Manora: Continued Extensions of Economic Life
BLOCK G1/48 MANORA: CONTINUED Block G1/48 (Manora) EXTENSIONS OF ECONOMIC LIFE Key Facts 2026 Work Programme ▪ Purchasing Manora FSO for US$15.5 million(3), lease Ownership 70% cost savings >US$5 million/year (or US$7.3/bbl) Operator Valeura Energy ▪ 3 well appraisal and development drilling program
Slide 12: Strategic Farm-in with PTTEP
ORGANIC GROWTH STRATEGIC FARM-IN WITH PTTEP PTTEP partnership Strategic growth in both assets and partnership NATIONAL OIL COMPANY OF THAILAND Cambodia/ Thaila nd • PTTEP is the largest oil and gas operator in Thailand Overla pping Cla ims Area • Valeura earns a 40% non-operated working interest(1)
Slide 13: Discoveries and New 3D Seismic Drives Early Focus Areas
Nong Yao BLOCK G3/65 NE Expl’n DISCOVERIES AND NEW 3D Block SEISMIC DRIVES EARLY G11/48 FOCUS AREAS Nong Yao Northeast Oil Focus Area Bussabong Nong Yao field Gas Development Oil prospects Potential prospect clusters ▪ Prospects identified on existing 3D seismic – Nong Yao A drilling range 1 several
Slide 14: Near-Term Development and Exploration
BLOCK G1/65 Oil fields Gas fields Prospects NEAR-TERM DEVELOPMENT Block G1/65 AND EXPLORATION Benchamas cluster Produced 906 bcf gas + 238 mmbbls oil(2) Jarmjuree South GAS & OIL DISCOVERY AREA • Existing Gas and Oil discoveries with potential for mixed- phase tie-backs • Between producing Benchamas
Slide 15: 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 16: 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 17: 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 18: Resilience Amidst Low Price Environment
CASH FLOW – FY 2025 FY 2025 CASHFLOW BRIDGE (US$ mm) RESILIENCE 594 Lifting: 8.47 mmbbls Realised Price: US$70.2/bbl AMIDST LOW PRICE (73) (33) ENVIRONMENT • Oil revenue ofUS$594 million, impacted by lower (190) realised prices vs 2024 • Sold 8.47 mmbbls of oil at an average price of 299 US$70.2/bbl
Slide 19: 2026 Guidance
GUIDANCE 2026 GUIDANCE Mid-Point Commentary 2026 Work Programme Synopsis ▪ One drilling rig on contract Jan-Aug 2026 ▪ 16 development and appraisal wells on Jasmine, Manora, Nong Yao Production(1) 21,000 bbls/d • Range: 19,500 – 22,500 bbls/d ▪ 2 exploration wells, locations under evaluation ▪ Ongoi
Slide 20: 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) • EXPLORATION SPENDING: SELECTIVELY TARGET ORGANIC RESOURCE GROWTH Maximisin
Slide 21: 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 22: 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 23: Environmental, Social, and Governance
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE Delivered SUSTAINABLE OPERATIONS Environmental 30 % REDUCTION IN GHG INTENSITY ▪ Full measurement and reporting of emissions ▪ Delivered a further reduction in GHG emissions intensity of 13% in 2025 ▪ Achieved a 30% reduction since originally acquiring its Thail
Slide 24: Key Messages
KEY MESSAGES THE BUSINESS OUR INVESTMENTS ARE HIGH PRICES = NEW WORKS ALWAYS STRATEGIC OPPORTUNITY OPPORTUNITY BALANCE ROBUST PARTNERSHIPS UNIQUELY DISCIPLINED CASH FLOW We have “back- SHEET Economics are Key relationships with pocket” plans for how LEVERED Maintain focus on Generation is continuing
Slide 25: Footnotes
FOOTNOTES Slide 3: Valeura at a Glance 1) 30 March 2026 2) Q1 2026 average working interest share oil production before royalties 3) 2P gross (before royalties) working interest share reserves as of 31 December 2025 4) 07 April 2026 5) 2025 6) Non-IFRS Measure – Please refer to Management’s Discussi
Slide 26: Footnotes (Continued)
FOOTNOTES (CONTINUED) Slide 7: Nong Yao: Production Growth 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 at FID as repr
Slide 27: Footnotes (Continued)
FOOTNOTES (CONTINUED) Slide 12: Strategic Farm-in with PTTEP 1) Completion of Farm-in subject to Government of Thailand approval Note: Map based on various public and proprietary sources. See disclaimers in 25 July 2025 press release Slide 14: Near-term Development and Exploration 1) Completion of F
Slide 28: Footnotes (Continued)
FOOTNOTES (CONTINUED) Slide 22: Türkiye: Very Large Proven Play / Farm-In Agreement With Transatlantic 1) Valeura working interest, unrisked recoverable natural gas prospective resource per D&M report as of 31 December 2018, adjusted for working interest after Equinor withdrawal in Q1 2020. Slide 23
Slide 29: General Corporate Inquiries / Investor and Media 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 IR@valeuraenergy.com