Valeura Energy Inc. · TSX:VLE
Valeura Energy — Q3 2025 Earnings Presentation
20 slides from Valeura Energy's earnings presentation, Nov 17, 2025
Slide 1: Q3 2025 Results Overview
Valeura Energy Inc. Q3 2025 Results Overview #1 Growing Company November 2025
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. Maps The Gulf of Thailand maps featured in this press release has been compiled by Valeura based on various public and
Slide 3: Highlights
Highlights Financial Growth Execution M&A Value Performance …opportunities look more …we are delivering …Q3 has strengthened …is world class …is undeniable promising than ever our platform ▪ Large-scale farm-in ▪ Everything is up vs ▪ Guidance is intact ▪ Two deals signed in ▪ Significant near-term
Slide 4: Growth Strategy in Action – Strategic Farm-in with PTTEP
Growth Strategy in Action – Strategic Farm-in with PTTEP Partnership with PTTEP Gas exposure National oil company of Thailand Enables portfolio diversification 22,757 km2 15 Valeura’s gross acreage in Thailand(1) Oil and gas discoveries Gulf of Thailand Strategic growth in both assets and partnershi
Slide 5: Block G3/65: Immediate Development Opportunities in Large Exploration Block
Block G3/65: Immediate Development Opportunities in Large Exploration Block (1) Ubon- Undeveloped oil Nong Yao North-East Oil Prospect ▪ Oil-bearing play fairway between Nong Yao and Ubon oil fields ▪ Within tie-in distance to Valeura’s (90%) Nong Yao infrastructure New 3D Seismic ▪ New 3D seismic a
Slide 6: Wassana Redevelopment – A Cornerstone for Future Growth
Wassana Redevelopment – A Cornerstone for Future Growth Wassana Central Processing “Hub” Redeveloped Wassana Field Wassa na Centra l Processing Platform ▪ Production to 2043(1), design life further Licence G10/48 (Wassana) ▪ Two risers for future satellite tiebacks North Satellite ▪ Sufficient ▪ Str
Slide 7: Wassana Redevelopment Construction
Wassana Redevelopment Construction Project Progress Update ▪ Project is on track for first oil in Q2 2027 ▪ High confidence for delivery at or below budget – Fixed price contract for platform – Main procurement all completed and on track for delivery ▪ Construction is currently ahead of plan – Revie
Slide 8: Well Delivery is Driving Production
Well Delivery is Driving Production Nong Yao drilling in Q3 2025 Current drilling pushing production higher 26 Working Interest Production (mbbls/d)(1) Working Interest Production (mbbls/d)(1) 12 24 22 10 20 18 16 8 14 12 6 10 Pre-drill Q3 average Q3 exit rate Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Slide 9: Q3 2025 Financial Results Highlights (1/2)
Q3 2025 Financial Results Highlights (1/2) Stronger production and cost control… Production (1) & Liftings Realised Price (US$/bbl) Adjusted Opex(2) (US$mm) 2,160 28.0 1,902 80.4 26.3 22,976 (1.4) 22,210 24.8 78.9 72.1 21,412 67.9 +2.5 1,765 +0.7 69.5 54 55 67.3 53 Key Metrics - Operational Q3 2024
Slide 10: Q3 2025 Financial Results Highlights (2/2)
Q3 2025 Financial Results Highlights (2/2) … Translating into Sustainable Margins and Cash Flows EBITDAX (US$mm) Adjusted CFO(1,2) (US$mm) Net Cash (US$mm) 242 248 52% 47% 156 51% 48% 81 71 73 39% 62 36% Q3 2024 Q2 2025 Q3 2025 Key Metrics - Financial 50 51 Adjusted NWC (3) (US$mm) 262 275 166 Q3 20
Slide 11: Q3 2025 Cashflow Bridge: High Margin Barrels
Q3 2025 Cashflow Bridge: High Margin Barrels Q3 2025 Financials (US$ mm) Lifting: 2.16mmbbls Realised Price: US$71.2/bbl 156 ▪ Sold 2.16 mmbbls of oil at an average realised price of US$71.2/bbl - Premium to Brent expanded - (19) US$2.5/bbl premium in Q3 2025 ▪ Adjusted Opex(1) per barrel improved t
Slide 12: Q3 2025 Cash Bridge: Strong Balance Sheet
Q3 2025 Cash Bridge: Strong Balance Sheet Q3 2025 Financials (US$ mm) ▪ Capex of US$52 mm which includes • Wassa na US$15.9 mm associated with 73 Redevelopmen t capex US$ 15.9 mm Wassana Redevelopment 3 252 ▪ Other income of ~US$3 mm (2) (52) (0) 248 242 (14) (4) • NCIB ▪ Deployed US$4 mm for NCIB a
Slide 13: Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns
Strong Cash Flow Underpins Capital Allocation Optionality – M&A and returns Cash Flow Capital / Organic Investment ▪ Capex: Investing to maintain aggregate production from existing producing fields – 20 – 25 mbbls/d into the 2030’s(1) ▪ Exploration spending: Selectively target organic resource growt
Slide 14: Major Achievements Not Fully Reflected in Market Valuation
Major Achievements Not Fully Reflected in Market Valuation Share Price Performance Since end of Q3 2024 (TSX: VLE) Upcoming Catalysts Record Strategic Farm- Türkiye Joint Reserves and in Agreement Venture ▪ New business Resources with PTTEP Agreement Completion FID on Ranked No. 1 of ▪ G1/65, G3/65
Slide 15: Material Upside to the Current Valuation
Material Upside to the Current Valuation Current Valuation Indicates A Significant Upside Valeura traders at a significant discount to Peers Current share price not reflective of inherent value (C$/sh) Peer Group EV / 2025E CFO (x)(1,2) 18.0 12.0x Peer Group Trading multiples 10.0x 8.0x 16.0 14.84 6
Slide 16: Conclusion
Conclusion Valeura’s Thailand Country Entry Valeura’s Next Chapter Financial Growth Execution M&A Value Performance …opportunities look more …we are delivering …Q3 has strengthened …is world class …is undeniable promising than ever our platform ▪ Proven ability to transact on major M&A ▪ Leveraging
Slide 17: Q&A Session
Q&A Session Speakers: Dr. Sean Guest President and CEO Yacine Ben-Meriem CFO Dr. Greg Kulawski COO Moderator: Robin Martin VP, Communications and Investor Relations
Slide 18: Footnotes
Footnotes Slide 3: Highlights 1) Completion of Farm-in subject to Government of Thailan d a pproval 2) Q3 20 25 vs Q2 2025 and Q 3 2 024 3) November 1-12, 2025 working interest share pro duction be for e r oya lties 4) Adju sted ope x per bbl, A non-IFRS Measure – Plea se refer to Ma nagement’s Disc
Slide 19: Footnotes (continued)
Footnotes (continued) Slide 10: Q3 2025 Financial Results Highlights (2/2) 1) Non-IFRS Measure – Plea se refer to Ma nagement’s Discu ssion and Ana lysis da ted November 14, 2025 for reconciliatio n with fina ncia l statement 2) Adju sted cash flow fr om op erations 3) Adju sted free ca shflow 4) Ad
Slide 20: 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 Martin, VP, Communications and Investor Relations +1 403 975 6752 / +44 7392 940495 IR@valeuraenergy.com