Valeura Energy Inc. · TSX:VLE
Valeura Energy — Q2 2025 Earnings Presentation
21 slides from Valeura Energy's earnings presentation, Aug 7, 2025
Slide 1: PTTEP Farm-in and Q2 2025 Results Overview
Valeura Energy Inc. PTTEP Farm-in and Q2 2025 Results Overview August 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: Recognised Value Delivery
Recognised Value Delivery Major Recent Achievements Market Data (TSX: VLE) Strategic Farm-in(1) Wassana Redevelopment Q2 Financial Performance Share price(2) C$8.67/ share ▪ Strategic Partnership with ▪ FID on major field expansion ▪ Revenue US$129 million, on Thailand’s largest operator ▪ Field lif
Slide 4: Strategic Farm-in with PTTEP: Blocks G1/65 and G3/65
Strategic Farm-in with PTTEP: Blocks G1/65 and G3/65 Strategic partnership ▪ PTTEP is the largest oil and gas operator in Thailand ▪ Valeura earns a 40% non-operated working interest(1) ▪ Strategically positioned near major producing gas fields and Valeura’s producing oil fields Gulf of ▪ Portfolio
Slide 5: Block G1/65: Near-term Development and Exploration Opportunities
Block G1/65: Near-term Development and Exploration Opportunities ▪ 40% working interest (partner/operator PTTEP)(1) ▪ Production Sharing Contract terms: – 6-year exploration period to May 2029 (possible 3-year extension) – 20-year production phase for fields (possible 10-year extension) – 10% royalt
Slide 6: Block G3/65: Near-term Development and Exploration Opportunities
Block G3/65: Near-term Development and Exploration Opportunities Ubon Undevelope d o il Nong Yao North-East Oil Prospect ▪ Oil-bearing fairway between Nong Yao and Ubon oil fields ▪ 3D seismic acquisition in 2025 ▪ Exploration and appraisal drilling planned for early 2027 3D Seismic ▪ Within tie-in
Slide 7: Material Producing Portfolio With Upside
Material Producing Portfolio With Upside Manora: Block G1/48, 70% (op) 2.3 mbbls/d(1) Thailand ▪ Field life extended by >4 years under Valeura operatorship ▪ Multiple oil accumulations encountered in 2023 & 2024 drilling Jasmine: Block B5/27, 100% (op) 8.1 mbbls/d(1) ▪ Production and Reserves contin
Slide 8: Wassana Redevelopment
Wassana Redevelopment Final Investment Decision in May 2025 Nameplate Capacity (mbbls/d) 62 Optimum 35 ▪ Major Wassana field expansion Design ▪ New central processing platform, higher capacity MOPU CPP ▪ Longer design life, to 2043+ Production (bbls/d)(1) 10.0 ▪ De-risked development to commercialis
Slide 9: Wassana Redevelopment Construction Underway
Wassana Redevelopment Construction Underway EPCC Contract and First Steel Cutting Ceremony First Steel Cutting Platforms Under Construction at TNS’ Facility 9
Slide 10: 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 … 2043 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 +17.0 Wassana +4.8 years +3.5 years years NSAI 2022 Rep
Slide 11: Q2 2025 Financial Results Highlights
Q2 2025 Financial Results Highlights Q2 2025 Highlights Revenues Drivers Expenses Drivers Q2 2025 Q2 2025 Q2 2025 Q2 2025 Q2 2025 Production Lifting Realised Price Opex / Opex per bbl(1) Capex (1) 21.4 mbbl/d 1.90 mmbbls US$67.9/bbl US$55 mm /US$28.0/bbl US$49 mm FINANCIAL HIGHLIGHTS Q2 2025 Q2 2025
Slide 12: Q2 2025 Cashflow Bridge: High Margin Barrels
Q2 2025 Cashflow Bridge: High Margin Barrels Q2 2025 Financials (US$ mm) ▪ Lifted/Sold 1.90 mmbbls of oil at an Lifting: 1.90 mmbbls Realised Price: US$67.9/bbl average realised price of US$67.7/bbl 129 - Lifting/sales timing led to a slight oil inventory further build-up at quarter (17) end (0.93 m
Slide 13: Q2 2025 Cash Bridge: Strong Balance Sheet
Q2 2025 Cash Bridge: Strong Balance Sheet Q2 2025 Financials (US$ mm) ▪ Capex of US$49 mm which includes US$11.2 mm associated with Wassana Redevelopment 262 51 (49) 23 242 ▪ Exploration expense of US$4 mm, 239 2 (16) mostly related to Ratree well (4) (4) ▪ Other income of ~US$2 mm (2) ▪ Paid US$16
Slide 14: Reaffirming 2025 Guidance
Reaffirming 2025 Guidance Recent 2025 Guidance H1 2025 ▪ Previous guidance reaffirmed Production(1) 23.0 – 25.5 mbbls/d 22.6 mbbls/d ▪ Production weighted to 2nd half of the year - Recent facilities & drilling has increased production to 23.2 mbbls/d(4) Opex(2) US$215 – 245 million US$106 million -
Slide 15: Valeura Delivered a NAV CAGR of +80% Since Taking Over the Assets
Valeura Delivered a NAV CAGR of +80% Since Taking Over the Assets NAV (After Tax) (US$ million) • 2P NAV of over US$1.1 billion NAV/share 10.12 3.49 13.61 1.24 14.84 (C$) • Equates to C$14.84/share 92 1,104 ✓ Net cash ~C$3.49 /share and 1,012 underlying NPV10 more than 752 C$11/share • Valeura deliv
Slide 16: 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 17: Thailand Production Sharing Contract Fiscal Regime
Thailand Production Sharing Contract Fiscal Regime Production (Revenue) Sharing Illustration Fiscal Terms Government Project Company ▪ Fixed royalty of 10% on production revenue ▪ Cost recovery up to 50% of production revenue (Costs – Unrecovered (excess) costs may be carried forward Incurred) – Inc
Slide 18: 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 / 2025E CFO (x)(1,2) 18.00 10.0x Peer Group Trading multiples 8.0x 16.00 6.0x 14.84 4.0x Pee
Slide 19: Footnotes
Footnotes Slide 3: Recognised Value Delivery 1) Farm-in closin g subje ct to govern me nt app roval 2) Aug ust 6, 20 25 3) ADTV 3 0 a s of A ugust 6, 2025 4) Q2 20 25 ave rage working inte rest share prod uction before ro yalties 5) 12-months to June 30, 2 025 6) June 30, 2025 7) NPV1 0 of 2P reserv
Slide 20: Footnotes (continued)
Footnotes (continued) Slide 10: 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 11: Q2 2025 Financial Results Highlights 1) Non-IFRS Measure – Plea se refer to Ma nagement’s Discu ssion and Ana lysis da ted Au gust 7
Slide 21: 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